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

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

Spotify Technology Stock Down 7.0 %

SPOT stock traded down $21.13 during midday trading on Wednesday, hitting $282.18. The company’s stock had a trading volume of 5,711,644 shares, compared to its average volume of 2,148,342. The stock’s 50-day moving average price is $269.00 and its 200 day moving average price is $216.78. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30. The stock has a market cap of $55.96 billion, a price-to-earnings ratio of -95.13 and a beta of 1.63.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SPOT shares. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp upped their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Bank of America boosted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Raymond James upped their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Finally, Rosenblatt Securities upped their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price 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.