Spotify's stock surges after swinging to profit, beating revenue expectations [MarketWatch]
Spotify Technology S.A. Ordinary Shares (SPOT)
Last spotify technology s.a. ordinary shares earnings: 4/29 06:00 am
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Source: MarketWatch
Spotify's stock surges after swinging to profit, beating revenue expectations Shares of Spotify Technology S.A. SPOT, +5.65% rallied 2.2% in premarket trade Thursday, after the Luxembourg-based streaming music company swung to a third-quarter profit on revenue that beat expectations. The company reported earnings of 43 million euro, or the equivalent of about $48.9 million at current exchange rates, after a loss of 394 million euro in the same period a year ago. Revenue rose 31% to 1.35 billion euro ($1.54 billion), topping the FactSet consensus of 1.34 billion euro. Total monthly active users (MAUs) increased 28% to 191 million, just shy of the FactSet consensus of 191.8 million, while the 40% growth in premium subscribers to 87 million matched the FactSet consensus and the 20% rise in ad-supported MAUs to 109 million beat expectations of 107.5 million. Average revenue per user fell 6% to 4.73 euro, hurt by family and student plan growth. Gross margin improved to 25.3% from 22.3%.
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News
- Spotify CEO says layoffs brought 'more' disruption than expected but were 'right strategic decision' [FOX Business Network]FOX Business Network
- Spotify Technology S.A. (NYSE: SPOT) had its price target raised by analysts at Guggenheim from $290.00 to $350.00. They now have a "buy" rating on the stock.MarketBeat
- Spotify Technology S.A. (NYSE: SPOT) had its price target raised by analysts at HSBC Holdings plc from $310.00 to $355.00. They now have a "buy" rating on the stock.MarketBeat
- Spotify Technology S.A. (NYSE: SPOT) had its price target raised by analysts at Bank of America Co. from $315.00 to $370.00. They now have a "buy" rating on the stock.MarketBeat
- Spotify Technology S.A. (NYSE: SPOT) had its price target raised by analysts at Barclays PLC from $335.00 to $350.00. They now have an "overweight" rating on the stock.MarketBeat
SPOT
Earnings
- 4/23/24 - Beat
SPOT
Sec Filings
- 4/25/24 - Form 144
- 4/25/24 - Form 144
- 4/24/24 - Form 144
- SPOT's page on the SEC website