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Spotify Stock Pops as Subscribers Jump
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Main points
- Spotify’s third-quarter subscriber numbers exceeded analysts’ expectations.
- The audio streaming giant’s subscriber outlook also came in slightly ahead of forecasts.
- The stock soared in extended trading on Tuesday, more than doubling its value since the start of the year.
Spotify (point)’s third-quarter subscriber numbers beat expectations, sending shares higher after the bell on Tuesday.
Number of monthly active users It increased 11% year-on-year to 640 million, and the number of paid subscriptions was 252 million, higher than the expected 251.1 million. Looking forward, Spotify expects the number of monthly active users to be 665 million and the number of premium subscribers to be 260 million in the fourth quarter, which is slightly higher than analysts’ expectations.
The Swedish audio streaming giant’s third-quarter revenue rose 19% year-on-year to 3.99 billion euros ($4.24 billion), slightly below the Visible Alpha analyst consensus. Operating income was 454 million euros, compared with 32 million euros in the same period last year, exceeding expectations.
Spotify results follow price hike
Results ranked behind Spotify raise price Individual Premium subscriptions rise to $11.99 per month from $10.99 per month in July. The Duo plan goes up from $14.99 to $16.99, and the Family plan goes up from $16.99 to $19.99.
Spotify shares soared more than 8% in after-hours trading on Tuesday. Their value has more than doubled since the beginning of 2024.
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