Spotify Technology Reports Record Ad Revenues For Q4: Could The Company Approach $1B Profits In 2024, Asks Analyst
Portfolio Pulse from Priya Nigam
Spotify Technology SA (NYSE:SPOT) reported better-than-expected Q4 results, leading to a share price increase. Analysts from Morgan Stanley, Macquarie Research, JPMorgan, Baird, and Goldman Sachs provided positive outlooks, with price target adjustments reflecting optimism about the company's growth, profitability, and ad revenue achievements. Spotify's ad-supported listeners reached 379 million, contributing to a record $501m in ad revenue for Q4. The company is expected to approach $1 billion in profits in 2024.
February 07, 2024 | 5:18 pm
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Spotify Technology SA reported strong Q4 results, with record ad revenues and optimistic profit projections for 2024. Analysts have raised price targets, reflecting confidence in the company's growth and profitability.
The positive Q4 earnings report and the subsequent analyst upgrades and raised price targets contribute to a bullish outlook for Spotify. The record ad revenues and the projection of approaching $1 billion in profits by 2024 indicate strong financial health and growth potential, likely leading to a positive short-term impact on SPOT's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100