HomeIndustriesSpotify Shares Jump Following Strong Earnings Report

Spotify Shares Jump Following Strong Earnings Report

Spotify stocks jumped by 10% during premarket trading after the streaming platform released its fourth-quarter earnings. Despite an operating loss of 75 million euros ($80.6 million) led by real estate-related expenses, the company is on course to a first-quarter operating income of 180 million euros ($193.4 million) as it looks to refocus on profitability following a recent price structure change.

The company’s net loss for the period was 70 million euros ($75.2 million), translating to a loss of 0.36 euros per share, failing to meet analysts’ expectations of a loss of 0.31 euros per share. Still, this is a marked improvement on the loss of 430 million euros, or 2.23 euros per share during the same period the previous year.

Total monthly active users of Spotify reached 602 million in the quarter, beating the company’s projection of 601 million users. This is also a 23% increase from the same period the previous year. With premium subscribers standing at over 224 million, the company expects this number to rise to 239 million during the first quarter of 2024.

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