Spotify Stock Climbs Despite Q3 EPS, Revenue Misses
Spotify Technology S.A. (NYSE:SPOT) reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.
The Details: Spotify reported quarterly earnings of $1.46 per share, which missed the analyst consensus estimate of $1.76. The company reported quarterly sales of $3.99 billion which missed the analyst consensus estimate of $4.02 billion and is an increase over sales of $3.65 billion from the same period last year.
The company reported monthly average user (MAU) net additions of 14 million, surpassing guidance by one million and subscriber net additions of six million were also ahead by one million. Premium subscribers grew 12% year-over-year to 252 million, reflecting year-over-year and quarter-over-quarter growth across all regions.
“The business delivered strong third quarter results, as all of our KPIs met or exceeded guidance and profitability reached record levels,” the company wrote in a letter to shareholders.
SPOT Price Action: According to Benzinga Pro, Spotify shares are up 7.55% after-hours at $451.04 at the time of publication Tuesday.
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