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03.02.2023 12:14:00

Why Spotify Shares Are Soaring This Week

Shares of Spotify (NYSE: SPOT) soared as much as 21.3% this week, according to data from S&P Global Market Intelligence. The digital audio platform posted strong user growth in its fourth quarter report, which pleased investors on Wall Street. As of this writing, shares are up 19.9% this week and almost 50% year to date (YTD), making it one of the hottest stocks of early 2023.On Jan. 31, Spotify released its earnings for the last three months of 2022. Monthly active users (MAUs) grew 20% year over year (YOY) to 489 million in Q4, handily beating management's previous guidance for the period. By the end of Q1, the company expects to hit half a billion MAUs around the globe, making Spotify one of the largest internet platforms out there.As for the rest of the business, premium subscribers grew 14% YOY to 205 million, also surpassing internal guidance. Solid paying subscriber growth led to total revenue hitting $3.45 billion, up 18% YOY. While all these metrics look good, Spotify is still unprofitable, posting a $252 million loss in the quarter. This isn't a huge deal, but it is something investors need to track in the coming years.Continue reading
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