Spotify's Stock Gains On Q3 Performance, Clocks Strong MAU and Premium Revenue Growth
Portfolio Pulse from Anusuya Lahiri
Spotify Technology SA reported Q3 FY23 revenue growth of 11% YoY to $3.65 billion, beating the consensus of $3.34 billion. Premium Revenue grew 10% YoY to €2.91 billion, helped by subscriber additions. Total MAUs rose 26% YoY to 574 million. Premium Subscribers grew 16% YoY to 226 million. The company held €3.8 billion in cash and equivalents and generated €216 million in free cash flow. SPOT shares traded higher by 2.04% at $157.76 premarket on the last check Tuesday.
October 24, 2023 | 12:19 pm
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POSITIVE IMPACT
Spotify's Q3 FY23 results beat expectations with strong revenue growth and user additions. This positive news led to a premarket increase in SPOT shares.
Spotify's Q3 FY23 results exceeded expectations, with revenue growth of 11% YoY and a rise in MAUs. This positive news is likely to boost investor confidence, leading to a short-term increase in SPOT's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100