Spotify Technology (NYSE:SPOT) Releases Quarterly Earnings Results, Beats Estimates By $0.25 EPS

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

Spotify Technology Stock Performance

Shares of SPOT traded up $5.84 during trading hours on Wednesday, hitting $336.63. The stock had a trading volume of 5,688,771 shares, compared to its average volume of 1,993,479. The firm has a 50-day moving average price of $309.21 and a 200 day moving average price of $275.23. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $346.23. The firm has a market capitalization of $64.03 billion, a price-to-earnings ratio of -492.37, a PEG ratio of 0.78 and a beta of 1.59.

Analysts Set New Price Targets

Several analysts have weighed in on SPOT shares. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Loop Capital boosted their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday. Guggenheim boosted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday. One 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 company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $353.15.

About Spotify Technology

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.