Spotify stock rose as much as 11% following its surprise profit. Wall Street has been closely watching the company's margins after its spending spree on...
The streaming service reported net income of 65 million euros , or 0.33 euros per share. It's a significant beat, given analysts had expected a loss of 0.20 euros per share. It also compares with the year-earlier period loss of 166 million euros, or 0.86 euros a share.
The stock surged following the earnings call, up as much as 11% in early trading — the most since Jan. 31. "As you look into 2024, we expect to see a continued improvement in our gross margin trends and a continued improvement in our operating income trends as well," Vogel said. "The Premium price increases, which affect the vast majority of rev-weighted subs starting in Sept., do not appear to be causing enough churn to derail MAU growth," Cahall wrote.
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