Spotify made some tough decisions after its stock collapsed in 2022, but they're starting to pay off.Spotify (SPOT 2.77%) is the world's largest music-streaming platform. It holds a 31% market share, according to Statista, with Tencent sitting in a distant second place at 14%. The stock peaked near $364 in 2021 before collapsing 80% to trade as low as $71 during the tech crash in 2022. It was a reality check for Spotify (and a number of other tech companies), and it prompted a sharp change in strategy. The ...

Spotify Presents An Evening With Trevor Noah, Celebrating 'What Now? October 18, 2023 in New York ... [+] City. (Photo by Craig Barritt/Getty Images for Spotify)Getty Images for SpotifyThis week, Spotify beat first-quarter earnings and revenue estimates returning the 18-year-old company to profitably. Following mass layoffs in 2023 and increased service prices, the audio giant reported 3.6 billion euros ($3.9 billion) in first-quarter revenue and a gross profit of 1 billion euros ($1.08 billion). Immediatel ...

Key PointsSpotify's earnings show a sticky customer base, choosing to pay for Premium despite high inflation. Being a contrarian bet, Wall Street thinks the company's newfound profitability is only the beginning of a new trend.Market valuations, EPS projections, and even price targets all point to this stock being a sector favorite.5 stocks we like better than Morgan StanleyEven a year of uncertainty and higher-than-average inflation rates posed no match for the U.S. consumer. Shares of Spotify Technology N ...

Spotify's efficiency push has paid off for investors.Spotify (SPOT 11.41%) reported another great quarter today, and the stock is up 15% in response. But it wasn't growth that impressed investors; it was an improving bottom line. Travis Hoium covers the results in the video below.*Stock prices used were end-of-day prices of April 23, 2024. The video was published on April 23, 2024. ...

Daniel Ek said Spotify underestimated the impact of laying off 1,500 people in December."It took us some time to find our footing," Ek told investors in an earnings call.The streaming giant had cut 2,300 jobs over three rounds of layoffs last year.  NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address ...

Spotify’s quarterly gross profit topped $1.1 billion for the first time after it reined in marketing spending, although that meant the music streaming giant missed its forecast for monthly active users.The Swedish company has been growing its user base for years by offering promotions and investing in podcasts and audiobooks. But since last year it started to cut costs, including through layoffs and its marketing budget, to boost margins and profits.Spotify has reported a gross earning of over $1.1 billion. ...

Spotify is tuned in to upbeat earnings outcomes, marking a robust beginning to its designated “year of monetization” after a standout performance in 2023 characterized by significant revenue growth, margin expansion, and enhanced efficiency.First-quarter earnings released on Tuesday (April 23) showed significant increases across key metrics, with monthly active users (MAU) surging by 19% year-over-year to 615 million and subscribers rising by 14% to 239 million — record user growth in the streaming giant’s ...

Spotify (NYSE:SPOT) is popping dramatically higher today, mitigating concerns about discretionary consumer sentiment. The company reported its fiscal first-quarter earnings on Tuesday and exceeded both top- and bottom-line forecasts. Notably, Spotify posted record profits in Q1, delighting investors and top-level buyers of SPOT stock.Breaking down the details, Spotify reported operating income of 168 million euros ($179.8 million), up from a loss of 156 million euros in Q1 2023. Still, it’s worth pointing o ...

Key TakeawaysSpotify Technology reported a first-quarter profit and better-than-expected sales as it added users.The streaming audio provider increased the number of total Monthly Active Users (MAUs), ad-supported MAUs, and premium subscribers.Spotify expects higher MAUs and premium subscribers in the current quarter. Spotify Technology (SPOT) shares skyrocketed in intraday trading Tuesday after the streaming audio provider posted a quarterly profit and strong sales on a big jump in the number of users. The ...

The audio-streaming platform is setting records as subscribers pay for premium services.Shares of audio-streaming platform Spotify Technologies (SPOT 15.04%) jumped on Tuesday after the Swedish company reported financial results for the first quarter of 2024. As of 9:40 a.m. ET, Spotify stock was up 13% and hitting new 52-week highs.Spotify's growth leads to a profitSpotify ended Q1 with 615 million monthly active users, which was slightly below analysts' expectations and management's guidance. That said, t ...