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

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

Spotify Technology Price Performance

NYSE SPOT traded down $19.96 on Wednesday, hitting $283.35. 5,257,724 shares of the company were exchanged, compared to its average volume of 2,141,876. The company’s 50 day moving average price is $269.00 and its 200-day moving average price is $216.78. The firm has a market capitalization of $56.20 billion, a P/E ratio of -95.13 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30.

Analysts Set New Price Targets

Several research analysts recently commented on SPOT shares. Barclays raised their price target on shares of Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler restated a “neutral” rating and issued a $320.00 price target (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday. HSBC started coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price target on the stock. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Raymond James raised their price target 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. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $291.42.

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.