Spotify shares rallied 12.7% in Tuesday’s session to log their best single-day percentage gain since exactly one year ago.
Spotify Technology SA’s revenue largely matched expectations in the fourth quarter, though the company delivered better user growth than anticipated and seemed to appease Wall Street with its more disciplined approach to the future.
Spotify’s SPOT, +12.72% revenue rose to €3.17 billion from €2.69 billion, while analysts tracked by FactSet were expecting €3.18 billion. Premium revenue was up 18% in the year, driven by subscriber gains, while ad-supported revenue rose 14%, buoyed by podcasting. “MAU net additions reached a quarterly record high of 33 million,” Spotify noted in its investor deck.
In his view, Spotify seems “more serious about reining in spending this year after big investments in 2022.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rivals.com - Tuesdays with Gorney: Rivals250 predictions for the Late Signing Day
Read more »
Breakingviews - New Spotify release gives bull-market vibesJust when it seemed like technology investors were done with “growth at all costs”, Spotify Technology has sent investors into a retro spin. The Swedish music-streaming company led by Daniel Ek on Tuesday said it ended 2022 with 205 million paid subscribers, a 14% year-on-year increase. The New York-listed company also added 33 million monthly active users, which made the fourth quarter of 2022 its best ever for user growth. The shares leapt almost 10%, boosting Spotify’s market capitalisation to roughly $21 billion.
Read more »
Spotify stock gains after earnings as user growth easily tops expectationSpotify Technology SA's revenue largely matched expectations in the fourth quarter, though the company delivered better user growth than anticipated.
Read more »
Spotify, Google, Microsoft, and more: 2023 tech layoffs are already piling upAs Big Tech continues to reel from its massively difficult 2022, some of the sector's biggest names are beginning 2023 by laying off employees by the thousands.
Read more »
Op-ed: Keep an eye on medical technology and alternative energy sectorsInvestors should keep a close eye on stocks in the medical technology and alternative energy sectors. By contrast, consumer staples may be in for a struggle.
Read more »
Gartner Predicts 70% of Technology Sourcing Leaders Will Have Environmental-Sustainability-Aligned Performance Objectives by 2026By 2026, 70% of technology sourcing, procurement and vendor management (SPVM) leaders will have environmental-sustainability-aligned performance objectives for their functions, according to Gartner_inc. Read more here. GartnerIT CIO
Read more »