Spotify Technology (NYSE:SPOT) Releases Earnings Results

Spotify Technology (NYSE:SPOT) issued its quarterly earnings data on Tuesday. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42, Zacks reports. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm posted ($1.24) earnings per share. Spotify Technology updated its Q2 2024 guidance to EPS.

Spotify Technology Price Performance

SPOT opened at $281.34 on Thursday. The company has a market capitalization of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The business has a 50 day moving average price of $269.74 and a two-hundred day moving average price of $217.24.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SPOT shares. Rosenblatt Securities lifted their target price on Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a report on Wednesday, February 7th. Guggenheim boosted their price objective on Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group boosted their price objective on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

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.