Spotify Technology (NYSE:SPOT) Announces Quarterly Earnings Results

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

Spotify Technology Trading Down 7.2 %

Shares of NYSE:SPOT opened at $281.34 on Thursday. The company has a market cap of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63. The company has a 50-day moving average price of $269.74 and a 200-day moving average price of $217.24. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Analyst Upgrades and Downgrades

Several research firms have commented on SPOT. Morgan Stanley upped their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target on the stock in a report on Wednesday, February 7th. Loop Capital upped their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a report on Monday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, Rosenblatt Securities upped their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $301.81.

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.