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.

The post Spotify Shares Jump Following Strong Earnings Report appeared first on theprimarymarket.com.

On Monday, Spotify announced that it would be implementing a price increase to its subscription plans in the U.S. as well as several other territories, including France, Hong Kong, New Zealand, Peru, Spain, and the U.K.

“Our data would suggest that historical price increases have had minimal impact on [subscriber] growth,” Spotify CFO Paul Vogel stated during the company’s second-quarter earnings call on Tuesday. “But given the breadth of this change and the significant outperformance in the first half of the year, there is some conservatism baked into our outlook for Q3.”

The company expects its subscriber base to rise to 572 million in the third quarter, with premium subscribers expected to reach 224 million. Spotify CEO Daniel Ek revealed his satisfaction with the recent price rise, especially since competitors Apple Music, Amazon Music, and YouTube Music revealed their own planned price hikes.

The post Spotify Insists Price Hikes Will Nor Harm Subscriber Growth appeared first on theprimarymarket.com.

The current price of the Spotify premium plan is $9.99. The hike will see the cost increase by $1 to $10.99 and is expected to be announced next week. The company reportedly plans to update its prices in other markets in the upcoming months as well.

Spotify’s decision to increase the price of its premium plan doesn’t come as a surprise. The company is making a push to become more profitable, and a price hike will go a long way in helping them achieve this goal.

Also, rival music streaming services, including Apple Music, Amazon Music, and YouTube Music, have all made their subscription plans costlier in recent months, and it was only a matter of time before Spotify followed suit.

The shares of Spotify have briefly surged following the report, jumping to $176.32 per share at one point. However, they quickly leveled down and closed at $171.71 per share. The company’s stock is 109.66% up year-to-date.

The post Spotify Plans to Raise the Prices for Premium Plan in the U.S. appeared first on theprimarymarket.com.

Revenue for the period was 3.04 billion euros, compared to 3.09 billion euros expected by Wall Street analysts. The music streaming platform’s underperformance was largely pinned on its decision to soften its ad business as well as exchange rate changes.

The above actions, paired with largescale podcast investments and job cuts, contributed to a loss per share of -1.16 euros; lower than an expected -0.85 euros for the quarter.

Cash flow for the company improved, with a positive cash flow of 57 million euros being reported – up from a cash flow of negative 73 million euros last quarter and 22 million euros in year-over-year.

The post Spotify Misses Quarterly Earnings Estimates appeared first on theprimarymarket.com.

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.

The post Spotify Stock Climbs After Unexpected Revenue Surge appeared first on theprimarymarket.com.

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.

The post Spotify Shares Jump Following Strong Earnings Report appeared first on theprimarymarket.com.

On Monday, Spotify announced that it would be implementing a price increase to its subscription plans in the U.S. as well as several other territories, including France, Hong Kong, New Zealand, Peru, Spain, and the U.K.

“Our data would suggest that historical price increases have had minimal impact on [subscriber] growth,” Spotify CFO Paul Vogel stated during the company’s second-quarter earnings call on Tuesday. “But given the breadth of this change and the significant outperformance in the first half of the year, there is some conservatism baked into our outlook for Q3.”

The company expects its subscriber base to rise to 572 million in the third quarter, with premium subscribers expected to reach 224 million. Spotify CEO Daniel Ek revealed his satisfaction with the recent price rise, especially since competitors Apple Music, Amazon Music, and YouTube Music revealed their own planned price hikes.

The post Spotify Insists Price Hikes Will Nor Harm Subscriber Growth appeared first on theprimarymarket.com.

The current price of the Spotify premium plan is $9.99. The hike will see the cost increase by $1 to $10.99 and is expected to be announced next week. The company reportedly plans to update its prices in other markets in the upcoming months as well.

Spotify’s decision to increase the price of its premium plan doesn’t come as a surprise. The company is making a push to become more profitable, and a price hike will go a long way in helping them achieve this goal.

Also, rival music streaming services, including Apple Music, Amazon Music, and YouTube Music, have all made their subscription plans costlier in recent months, and it was only a matter of time before Spotify followed suit.

The shares of Spotify have briefly surged following the report, jumping to $176.32 per share at one point. However, they quickly leveled down and closed at $171.71 per share. The company’s stock is 109.66% up year-to-date.

The post Spotify Plans to Raise the Prices for Premium Plan in the U.S. appeared first on theprimarymarket.com.

Revenue for the period was 3.04 billion euros, compared to 3.09 billion euros expected by Wall Street analysts. The music streaming platform’s underperformance was largely pinned on its decision to soften its ad business as well as exchange rate changes.

The above actions, paired with largescale podcast investments and job cuts, contributed to a loss per share of -1.16 euros; lower than an expected -0.85 euros for the quarter.

Cash flow for the company improved, with a positive cash flow of 57 million euros being reported – up from a cash flow of negative 73 million euros last quarter and 22 million euros in year-over-year.

The post Spotify Misses Quarterly Earnings Estimates appeared first on theprimarymarket.com.

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.

The post Spotify Stock Climbs After Unexpected Revenue Surge appeared first on theprimarymarket.com.