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

Spotify Technology (NYSE:SPOT) posted its earnings results on Tuesday. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42, Zacks reports. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. 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 Price Performance

SPOT stock traded down $19.96 during mid-day trading on Wednesday, hitting $283.35. 5,257,724 shares of the stock were exchanged, compared to its average volume of 2,141,876. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The business has a fifty day moving average price of $269.00 and a 200 day moving average price of $216.78. The stock has a market capitalization of $56.20 billion, a price-to-earnings ratio of -95.13 and a beta of 1.63.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SPOT. Wells Fargo & Company lifted 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. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. UBS Group raised their target price on Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. HSBC assumed coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price for the company. Finally, Piper Sandler reissued a “neutral” rating and issued a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $291.42.

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.