Spotify Technology (NYSE:SPOT) Releases Earnings Results, Beats Estimates By $0.42 EPS

Spotify Technology (NYSE:SPOT) posted its earnings results on Tuesday. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42, Zacks reports. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same period last year, the business posted ($1.24) EPS. Spotify Technology updated its Q2 2024 guidance to EPS.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $21.13 on Wednesday, hitting $282.18. 5,711,644 shares of the company’s stock were exchanged, compared to its average volume of 2,148,342. The firm’s 50-day moving average is $269.00 and its 200 day moving average is $216.78. The company has a market capitalization of $55.96 billion, a PE ratio of -95.13 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Benchmark lifted their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday. Loop Capital lifted their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday. UBS Group boosted their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 5th. Rosenblatt Securities increased their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays increased their target price on shares of Spotify Technology from $335.00 to $350.00 and gave the stock an “overweight” rating in a report on Wednesday. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $291.42.

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.