Why Did SPOT Stock Rise 7% Pre-Market Today?
Synopsis
Revenue climbed to €4.27 billion, up 7% YoY, driven largely by growth in its Premium segment.
- Spotify’s total monthly active users reached 713 million in the third quarter, a 11% year-on-year.
- Following its Q3 earnings, Spotify’s stock traded over 4% higher in Tuesday’s premarket.
Spotify Technology S.A. (NYSE: SPOT) announced on Tuesday that it has surpassed 700 million Monthly Active Users and achieved double-digit subscriber growth in the third quarter (Q3).
Following its Q3 earnings, Spotify’s stock traded over 4% higher in Tuesday’s premarket. On Stocktwits, retail sentiment around the stock improved to ‘extremely bullish’ from ‘bullish’ territory the previous day, and message volume jumped to ‘high’ from ‘low’ levels in 24 hours.
Q3 Highlights
Spotify’s total monthly active users reached 713 million in the third quarter, a 11% year-on-year (YoY). Premium subscribers rose 12% YoY to 281 million.
Revenue climbed to €4.27 ($4.90 billion) billion, up 7% YoY, driven largely by growth in its Premium segment. Earnings per share (EPS) for the quarter was €3.28. Both revenue and EPS exceeded the analysts’ consensus estimate of €4.23 billion and €2.02, respectively, according to Fiscal AI data.
Exchange Rate: €1=$1.15
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