SPOT Stock Recent News

Spotify stock plunged 80% from its peak when the tech sector suffered a severe drawdown in 2022. The company made some difficult decisions, most of which centered around slashing costs.

Even a year of uncertainty and higher-than-average inflation rates posed no match for the U.S. consumer. Shares of Spotify Technology NYSE: SPOT rallied by more than 11% to end Tuesday's trading session on April 23.

Spotify's efficiency push has paid off for investors.

Daniel Ek said Spotify underestimated the impact of laying off 1,500 people in December. "It took us some time to find our footing," Ek told investors in an earnings call.

Spotify's quarterly gross profit topped $1.1 billion for the first time after it reined in marketing spending, although that meant the music streaming giant missed its forecast for monthly active users.

Spotify is tuned in to upbeat earnings outcomes, marking a robust beginning to its designated “year of monetization” after a standout performance in 2023 characterized by significant revenue growth, margin expansion, and enhanced efficiency.

Spotify (NYSE: SPOT ) is popping dramatically higher today, mitigating concerns about discretionary consumer sentiment. The company reported its fiscal first-quarter earnings on Tuesday and exceeded both top- and bottom-line forecasts.

Wealth Enhancement Group Portfolio Manager Ayako Yoshioka joins Ed Ludlow and Caroline Hyde to share her expectations for upcoming big tech earnings, and to weigh in on Spotify's strong results. She speaks on "Bloomberg Technology.

Spotify Technology (SPOT) shares skyrocketed in intraday trading Tuesday after the streaming audio provider posted a quarterly profit and strong sales on a big jump in the number of users.

The music streamer's market value has surged on the belief that its money-losing days are in the past.