Spotify Technology SPOT reported better-than-expected fiscal fourth-quarter 2024 sales results on Tuesday.
Spotify reported quarterly earnings of $1.88 per share, which missed the analyst consensus estimate of $2.06 per share. The company reported quarterly sales of $4.53 billion (4.24 billion euros), up by 16% year-on-year, which beat the analyst consensus estimate of $4.15 billion.
Spotify expects fiscal first-quarter 2025 revenue of $4.48 billion (4.2 billion euros) versus a consensus of $4.17 billion and total MAUs of 678 million. Spotify paid $10 billion to the music industry in 2024, contributing ~$60 billion since its founding. The premium subscribers rose to 252 million.
Spotify shares gained 13.2% to close at $621.77 on Tuesday.
These analysts made changes to their price targets on Spotify following earnings announcement.
- Canaccord Genuity analyst Maria Ripps maintained Spotify Technology with a Buy and raised the price target from $650 to $700.
- Guggenheim analyst Michael Morris maintained the stock with a Buy and raised the price target from $520 to $675.
Considering buying SPOT stock? Here’s what analysts think:
Overview Rating:
Speculative
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