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Spotify stock whipsaws on Q3 results, Q4 outlook

1 Mins read

© Reuters. Spotify (SPOT) stock pops on solid Q4 outlook

(Updated – October 24, 2023 6:26 AM EDT)

Spotify (NYSE:) shares were trading between positive and negative territory in early Tuesday trade after the streaming company despite a better-than-expected outlook for the fourth quarter.

At 06:25 EST (11:25 GMT), the stock was down 2.3%.

Earnings per share came in at €0.33, significantly better than the expected loss of €0.22 per share. Quarterly revenue reached €3.36 billion, exceeding the consensus estimate of €3.33 billion.

The company said it had 574 million monthly active users (MAUs) at the end of the quarter, up 26% YoY. Analysts were looking for 572.3 MAUs. For the fourth quarter, Spotify anticipates MAUs to be 601 million, ahead of the expected 598.3 million.

The number of total premium subscribers rose by 16% to 226 million and is expected to increase by 9 million by the end of the current quarter.

Spotify said it expects to report Q4 revenue of €3.7 billion.

Read the full article here

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