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Users Refuse to Give Up On Spotify, So Does Wall Street
MarketBeat· 2024-04-24 10:06
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 Incredible Quarter Pushes Shares 15% Higher
The Motley Fool· 2024-04-24 10:06
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. ...
Spotify CEO Daniel Ek has realized laying off 1,500 people at one go may have created a 'significant challenge' for Spotify's day-to-day operations
Business Insider· 2024-04-24 06:05
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 reaches record high earnings — but misses target on monthly active users
New York Post· 2024-04-23 20:54
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 Dubs 2024 ‘Year of Monetization' as Subscribers Surge 14% in Q1
PYMNTS· 2024-04-23 19:26
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 ...
5 Investors Betting Big on Spotify (SPOT) Stock
InvestorPlace· 2024-04-23 19:20
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 ...
Spotify Stock Soars as Monthly Active Users Jump
Investopedia· 2024-04-23 17:35
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 ...
Here's Why Spotify Stock Jumped Today
The Motley Fool· 2024-04-23 14:38
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 ...
Spotify soars as cost-cutting drives record profits
Proactive Investors· 2024-04-23 14:37
About this content About Leo Grieco Leo joins us with a degree in Media Production from Bournemouth University. His work includes reporting for the UK editorial team and video editing for the broadcast team. He comes with an expertise in video editing and producing. Leo’s specialities include hospitality and leisure, support services, tech and video games. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and fi ...
Spotify (SPOT) Reports Q1 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-04-23 14:36
For the quarter ended March 2024, Spotify (SPOT) reported revenue of $3.95 billion, up 21% over the same period last year. EPS came in at $1.05, compared to -$1.24 in the year-ago quarter.The reported revenue represents a surprise of +2.05% over the Zacks Consensus Estimate of $3.87 billion. With the consensus EPS estimate being $0.63, the EPS surprise was +66.67%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next ...