Spotify Technology (NYSE:SPOT) Posts Earnings Results

Spotify Technology (NYSE:SPOT) released its earnings results on Tuesday. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25, Briefing.com reports. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the business posted ($1.69) earnings per share. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. Spotify Technology updated its Q3 2024 guidance to EPS.

Spotify Technology Stock Down 0.2 %

Shares of NYSE SPOT traded down $0.52 during midday trading on Thursday, hitting $336.00. The company had a trading volume of 1,630,919 shares, compared to its average volume of 1,990,947. The firm has a market capitalization of $66.88 billion, a price-to-earnings ratio of -502.43, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. Spotify Technology has a twelve month low of $129.23 and a twelve month high of $346.23. The business has a 50-day simple moving average of $309.88 and a two-hundred day simple moving average of $275.66.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SPOT shares. Wolfe Research began coverage on shares of Spotify Technology in a report on Friday, July 12th. They set an “outperform” rating and a $390.00 target price for the company. UBS Group raised their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Barclays upped their price target on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday. Bank of America lifted their price objective on Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Finally, Pivotal Research upped their target price on Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.