Spotify Technology (NYSE:SPOT) Releases Earnings Results, Beats Expectations By $0.42 EPS

Spotify Technology (NYSE:SPOT) posted its quarterly earnings data on Tuesday. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42, Zacks reports. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates 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 quarter last year, the company earned ($1.24) earnings per share. Spotify Technology updated its Q2 2024 guidance to EPS.

Spotify Technology Stock Performance

NYSE SPOT traded down $21.32 on Wednesday, reaching $281.99. 4,905,052 shares of the stock traded hands, 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. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The company has a fifty day moving average price of $269.00 and a 200-day moving average price of $216.78.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPOT. Barclays raised their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Macquarie lifted their price objective on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday. The Goldman Sachs Group increased their target price on Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target 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.