Spotify Surges Premarket on Strong Earnings and Subscriber Growth
Spotify (SPOT) stock is climbing approximately 8% in premarket trading today following the release of its latest financial results.
Key Highlights:
* Spotify reported its first full-year profit, a significant milestone for the company.
* Quarterly revenue soared 16% year-over-year to €4.24 billion ($4.38 billion), surpassing analyst expectations.
* Net profit reached €367 million, marking an improvement from a loss of €70 million in the same period last year, though it fell short of estimates.
Subscriber Growth:
* Monthly active users (MAUs) surged 12% to 675 million during the fourth quarter.
* Premium subscriptions reached 263 million, exceeding forecasts.
Outlook:
* Spotify projects €4.2 billion in revenue, 678 million MAUs, and 265 million premium subscribers in Q1 2025.
Stock Performance:
* Spotify shares have experienced a more than 100% increase in the past year.