HomeFinancial MarketsSpotify Stock Climbs After Unexpected Revenue Surge

Spotify Stock Climbs After Unexpected Revenue Surge

Spotify has been one of the most successful music streaming platforms in the world for years, and yet the company is still managing to surprise analysts.

Finance wizards who work for Wall Street made bold predictions about how Spotify would fare in the second quarter, and let’s just say they underestimated the company.

After Spotify announced its fiscal results for quarter two, people were shocked to learn that it had a revenue of $2.91 billion, compared to the $2.85 billion that was initially anticipated. As far as total monthly active users, the number was an impressive 433 million, bumped up from the projected 428 million.

In parallel with their fiscal results, Spotify also reinforced its dedication to promoting podcasts. Podcasts have been a knight in shining armor that has helped Spotify soar throughout an otherwise tumultuous business period.

Logically, this makes sense. While most songs clock in at around three or four minutes, most podcast episodes can go up to 30 or 40 minutes in length—and that’s being conservative. As a result, popular podcasts have been incredible assets to Spotify’s ad revenue stream.

Finance analysts will take note of Spotify’s recent surge, but it will interesting to see if the music streaming platform continues to surprise us in the future.

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