Spotify Technology (NYSE:SPOT) Releases Quarterly 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, beating analysts’ consensus estimates of $0.63 by $0.42, Zacks reports. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same quarter in the prior year, the company posted ($1.24) earnings per share. Spotify Technology updated its Q2 2024 guidance to EPS.

Spotify Technology Price Performance

SPOT stock traded down $21.32 during mid-day trading on Wednesday, reaching $281.99. 4,905,052 shares of the company’s stock were exchanged, compared to its average volume of 2,135,399. The company has a market cap of $55.93 billion, a price-to-earnings ratio of -96.36 and a beta of 1.63. The stock’s 50 day moving average is $269.00 and its 200 day moving average is $216.78. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SPOT. HSBC initiated coverage on Spotify Technology in a report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price objective for the company. Wells Fargo & Company raised their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, January 31st. UBS Group upped their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 5th. Benchmark boosted their target price on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Pivotal Research raised their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $290.85.

Spotify Technology Company Profile

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.