Spotify: shares surge after quarterly profit
(CercleFinance.com) - Spotify shares are bubbling on Monday, up 17% as the Swedish music streaming company beat Wall Street expectations for quarterly profit, after two quarters of disappointing results.
Monthly active users - a key metric for investors - rose by 30% to 248 million in the third quarter, outperforming the top of the company's guidance.
Spotify finished the past quarter with 113 million premium subscribers, up 31% year-on-year.
Operating profit over the quarter reached 54 million euros, compared to a loss of six million euros a year ago, on revenue that grew by 28% to 1.73 billion euros.
In its statement, Spotify said it continues to see "exponential growth" in podcasts (+39% quarter-on-quarter).
The company's shares are up 17% at 140.9 dollars in early trading on Monday, having now risen by over 23% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Monthly active users - a key metric for investors - rose by 30% to 248 million in the third quarter, outperforming the top of the company's guidance.
Spotify finished the past quarter with 113 million premium subscribers, up 31% year-on-year.
Operating profit over the quarter reached 54 million euros, compared to a loss of six million euros a year ago, on revenue that grew by 28% to 1.73 billion euros.
In its statement, Spotify said it continues to see "exponential growth" in podcasts (+39% quarter-on-quarter).
The company's shares are up 17% at 140.9 dollars in early trading on Monday, having now risen by over 23% year-to-date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.