Spotify Technology Shares Up 12% On 4Q User Growth

By Kathryn Hardison

Shares of Spotify Technology SA increased 12% to $111.64 Tuesday after the audio streaming company reported strong user growth but another quarterly loss amid a restructuring.

Shares jumped to an intraday high of $112.98, marking the highest trading level since shares hit $113.18 on Sept. 12, according to FactSet.

For the fourth quarter 2022, Spotify reported 489 million monthly active users, up 20% from a year earlier and beating the company's guidance.

Spotify posted a loss of EUR270 million ($293 million), or EUR1.40 a share, compared with a loss of EUR39 million, or 21 euro cents a share, a year earlier.

Revenue rose 18% to EUR3.17 billion, slightly below the company's expectations for EUR3.2 billion.

Spotify, which last week laid off employees and reorganized its executive team, said it aims to become a more efficient business this year following an intense period of spending.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

January 31, 2023 12:44 ET (17:44 GMT)

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