Spotify Analysts Boost Their Forecasts After Q1 Earnings
Portfolio Pulse from Avi Kapoor
Spotify Technology SA (NYSE:SPOT) reported a strong fiscal first quarter 2024, with revenue growing 20% year-on-year to $3.95 billion, surpassing the consensus of $3.85 billion. EPS was $1.05, beating the 70 cents consensus. Premium Revenue and MAUs saw significant growth, although MAUs slightly missed guidance. Spotify expects Q2 revenue of 3.8 billion euros and 631 million MAUs. Following the earnings report, shares rose 11.4%, and analysts from Pivotal Research, Benchmark, and Rosenblatt raised their price targets on Spotify.
April 24, 2024 | 11:57 am
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Spotify's Q1 2024 earnings exceeded expectations with significant revenue and EPS growth, leading to a sharp 11.4% increase in its stock price. Analysts have raised their price targets, indicating a positive outlook.
The positive earnings report and subsequent analyst upgrades reflect strong financial health and growth prospects for Spotify. The significant stock price increase post-earnings and raised price targets by analysts suggest a bullish short-term outlook for SPOT shares.
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