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Spotify Technology S.A. (SPOT) reported Tuesday a profit in its first quarter, compared to last year's loss, with strong growth in revenues. The company also issued second-quarter outlook, higher than the preceding quarter.
Swedish company Spotify Technology SA, listed on the NYSE, was trading at $311.01, higher $38.77, or 14.24 per cent, at 11:47 a.m. EDT
Spotify started 2024 on a high note with its impressive first-quarter performance, according to a recent report. The music-streaming giant even surpassed what analysts expected in the previous quarter.
This development coincides with Spotify's introduction of new payment policies for artists and labels.
Spotify's quarterly performance was helped by 16% YoY growth in its paid subscriber base to 226 million subscribers in Q3 2023