Spotify Technology (NYSE:SPOT) Posts Earnings Results

Spotify Technology (NYSE:SPOT) released its quarterly earnings data on Tuesday. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42, Zacks 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 $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the firm earned ($1.24) earnings per share. Spotify Technology updated its Q2 2024 guidance to EPS.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $289.20 on Friday. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30. The firm has a market cap of $57.36 billion, a PE ratio of -431.64 and a beta of 1.63. The company has a 50 day simple moving average of $270.61 and a two-hundred day simple moving average of $217.74.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Raymond James increased their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Guggenheim increased their target price on shares of Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday. HSBC increased their target price on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.