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Spotify’s active users, profit forecast beat expectations
Spotify’s shares increased in extended trading on Tuesday as the company released an optimistic profit forecast for the fourth quarter.
The streaming service projects an operating income of 481 million euros (US$505 million), surpassing the analyst expectation of 432.7 million euros (US$460.76 million) provided by StreetAccount.
In the third quarter, Spotify reported earnings per share of 1.45 euros (US$1.54), which missed the LSEG expectation of 1.72 euros (US$1.83).
The company’s revenue fell slightly short of forecasts, reaching 3.99 billion euros (US$4.25 billion) compared to the projected 4.02 billion euros (US$4.28 billion).
Despite this, monthly active users totaled 640 million, exceeding StreetAccount’s projection of 639 million.
Recent Spotify developments
| Timeline |
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10-Oct-2024 🎶 Spotify’s free streaming launches in South Korea
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04-Dec-2023 📉 Spotify to cut workforce by 17% in bid to boost efficiency
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06-Jul-2023 🎧 Spotify’s focus on premium pays off
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23-Jan-2023 🎵 Spotify set to slash jobs this week
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| 18-Nov-2019 🎶 Spotify, Apple Music may face music-streaming challenge from Bytedance soon |
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