🎧 Spotify is literally flying up today! 🎙️
Spotify Technology $SPOT is the world leader in streaming music and podcasts. Their innovative platform offers millions of users access to endless music tracks and podcast shows from around the world.
Spotifyshares are up more than 14 %after reporting fiscal first quarter results today, beating all expectations for earnings and revenue! 🚀 The global audio giant is moving towards greater efficiency and the reward is great growth! 💰
Over the past year, the Spotify has committed to price increases and initiatives to boost growth and improve margins. We are currently seeing that price increases, investment in podcasts and strategic planning have led to positive results. 💡
The streaming service reported a net profit of€197 million ($210 million), representing earnings of €0.97 per share. This beat analysts' expectations, who were expecting earnings of EUR 0.65 per share. It alsocompares to last year's loss ofEUR225 million, or a loss of EUR1.16 per share. Revenues reached EUR 3.64 billion, representing 20% increase from the first quarter of 2023. 📊
The number of monthly active users reached 615 million, up 19 % more than the previous year. The number of premium subscribers rose to 239 million, representing 14% year-on-year increase. Free cash flow reached €207 million compared to€57 million in the previous year. 📈
🔍 The company is planning future price increases and new podcast strategies. The plan is to increase prices by 1 to 2 dollars a month in some countries and introduce a cheaper option without audiobooks.
Paul Vogelthe CFO, is leaving the company to take his place Christian Luiga. The new management is going to continue to build a strong foundation for future success. 🤝
Company Spotify continues to grow and deliver investment opportunities with promising prospects. 🌟
What do you think of this company? 🚀
It's an interesting company, but it's probably too much speculation for me.