Spotify climbs 10.1% to $461.91 on the New York market and is at the highest level in the history of the stock market. The audio streaming giant announced that it expects an operating profit in the fourth quarter that is higher than expected by Wall Street: 481 million euros compared to the 445.7 million euros targeted. It is also banking on cost reductions and strong growth in the number of subscribers during the crucial end-of-year holidays.
In the third quarter, the Swedish streaming giant listed on Wall Street posted earnings per share of $1.54, compared to a consensus of $1.63.
The gross margin increased by 40% to 1.24 billion euros, or a margin rate of 31.1% compared to 26.4% the previous year.
Revenue, almost in line with expectations, came to $4.38 billion, up 19%.
In addition, the number of premium subscribers increased by 12% to 252 million, and the number of monthly active users increased by 11% to 640 million, a higher rate than expected.
“We have been better than all the main indicators, which will bring us closer to a full year of profit”, affirms the group of Swedish origin, thus saying that it is “on a strong path to towards achieving his long-term goals”.
Source: AOF
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2024-11-13 16:39:00
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