Spotify Technology (NYSE:SPOT) Announces Quarterly Earnings Results

Spotify Technology (NYSE:SPOT) released its earnings results on Tuesday. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25, Briefing.com reports. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the company earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. Spotify Technology updated its Q3 2024 guidance to EPS.

Spotify Technology Trading Up 1.7 %

SPOT stock traded up $5.73 during trading on Wednesday, reaching $336.52. The stock had a trading volume of 5,688,190 shares, compared to its average volume of 1,993,479. The company has a market capitalization of $64.01 billion, a P/E ratio of -492.37, a PEG ratio of 0.78 and a beta of 1.59. The firm has a fifty day moving average price of $309.21 and a 200 day moving average price of $275.23. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPOT. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday. Redburn Atlantic reissued a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. UBS Group boosted their price objective on shares of Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Pivotal Research boosted their price objective on shares of Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Loop Capital boosted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.