Spotify Shares Climb on Surprise Profit, User Growth
October 24 2023 - 11:14AM
Dow Jones News
By Dean Seal
Shares of Spotify Technology jumped after the company turned a
surprise profit in the third quarter as subscriber and listener
growth topped expectations.
The stock was up 10% at $170.68 in early trading. Shares have
more than doubled since the start of the year.
The music streaming giant swung to a profit of EUR65 million, or
33 euro cents a share, from a loss of EUR166 million, or 99 euro
cents a share, in the same quarter a year ago.
Analysts surveyed by FactSet had been expecting to see a
quarterly loss of 23 euro cents a share.
Monthly active users grew by more than a quarter year-over-year
to 574 million, while premium subscribers rose 16% to 226 million.
Both figures beat Spotify's own guidance by two million each.
Revenue topped expectations as well, coming in 11% higher at
EUR3.36 billion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 24, 2023 10:59 ET (14:59 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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