Spotify Technology reported record profit, gross margin, and free cash flow in Q2, driven by its recent efficiency strategy.  Despite monthly active user metrics falling short, the stock surged ov...

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- Spotify Technology reported record profit, gross margin, and free cash flow in Q2, driven by its recent efficiency strategy.
- Despite monthly active user metrics falling short, the stock surged over 10% in premarket trading.
- The company announced price hikes for its premium US subscription plans and committed to multiple rounds of layoffs to boost growth and improve margins.
- Spotify's operating income and net income significantly exceeded expectations, with strong guidance for Q3.
- Wall Street analysts credited the company's gross margin beat and better-than-expected guidance as key catalysts for the positive stock reaction. 

 Source: Yahoo Finance

Spotify Stock Surges After Record Profit and Strong Guidance

Journalist

Spotify Stock Surges After Record Profit and Strong Guidance- Grapevine

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many companies are shutting down especially the named ones. many are close to getting shut. is there a good resource to track? want to keep it handy for future purposes. :)

which companies have shut shop in 2023 till now?

Product Manager

Spotify is late to the party, but they are letting go 17% which is huge compared to others in one go. 
be careful with similar type of industry. pocket fm, Kuku fm perhaps?

Spotify layoff - 17% workforce

17% is huge, especially this late in the doom cycle  
 It feels like Spotify must be losing market share heavily against Apple Music, YT Music, etc.  
  
 The bundling of different subscriptions always wins over just separate standalone subscriptions

Corporate Strategist

Lawyer

Welcome to Business Roles's Private Community

Spotify being one of the most loved brands has come down to this, and no wonder! We've seen popular brands being poorly rated en masse as part of agenda driven boycott campaigns, but what we see here is more of a genuine disappointment with the product by its users with its recent update.

Assuming someone on the Product side decided to rip off all the features of a basic music player to drive growth in the form of paid subscriptions, Growth additionally will also have to handle the poor Playstore ratings as the outcome.

What do you think should Spotify start doing from here? Not asking from a user's perspective (I know we all want free music without their annoying ads) but from a business perspective.

If you were the CGO or CPO at Spotify India, what's your way forward after this?

Program Manager

Tech is slowly realizing that Elon was right and a huge amount of overhead is not necessary to grow these companies when you actually manage teams properly.

The markets are savage, Spotify trading at 8% higher after laying off 17% workforce

Spotify Layoffs

Software Engineer

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Spotify sticks to WFH

Actuarial Associate

I don’t understand what the point really was 

- companies with a bad product are still struggling 
- companies with a good product are still growing
- rent in Bangalore, Mumbai is still sky high 
- salaries are still high, people are still asking for more 
- food is expensive as ever 
- stock prices of companies that fired people never really went up 

Someone make any sense or any of this?

Layoffs were a total failure at changing anything

Analyst

Freshers impacted in software/product and data science profiles. Day 1 company in all colleges. Placement season is almost over everywhere and now these students are without a job just days before their joining date. No severance too unlike layoffs. 

Used to pay a lot though, 30 lakhs base salary for SDEs and 15 for product analysts after taking gruelling overnight interviews.

Heard internally there struggling a lot which is reflected in their stock price which is halved from 2021 despite a bull run in US tech companies in the same period.

Note to anyone thinking of getting into sprinkr(obviously in future cause they showing middle finger now): join only if you want to work like a donkey in exchange of lots of money.

Sprinklr revoked 150+ offers accross IITs, NITs, BITs and other tier 1 colleges.

Calm down. A person who cracked a 30 lpa offer will do well in life regardless of whether Sprinklr is a heartless corp or not. Fuck them.

- Spotify has introduced comments on podcasts, enhancing its social networking capabilities.
- The app's 2023 revamp includes a TikTok-like discovery feed, artist profiles, and story posts.
- Spotify VP Maya Prohovnik hinted at potential future support for comments on music artist pages.
- Apple previously attempted similar social features with Ping and Connect, both of which failed.
- Spotify's gradual rollout of social features aims to increase user engagement and compete with larger social networks.

Source: Techcrunch

Spotify Evolves into a Social Network with New Podcast Comments Feature

In last 6-8 months there has been lot of layoffs and many startup getting scrutinised due to funding etc..

But I can’t see Oyo name anywhere… Not much layoffs or nothing on their crunch.

Are they doing good or successful?

How is OYO doing ?

Consultant

- Uber has not seen a significant impact on consumer spending despite a weakening US economy, with food delivery demand remaining healthy.
- The company reported a record high in the average number of trips booked by its 156 million monthly active users in Q2, with revenue growing 16% year-on-year to $10.7 billion.
- Net income for the quarter was $1 billion, significantly surpassing market expectations, driven by a $333 million revaluation of Uber's stakes in other companies.
- Uber's delivery segment showed healthy order growth, and the company expects its adjusted earnings to be between $1.58 billion and $1.68 billion in the current period.
- The company is focusing on growth through potential acquisitions and making delivery offerings more affordable, with a growing ads business contributing to profitability. 

 Source: https://www.ft.com/content/22b1b73e-c9df-4318-8cf8-cac92c85f4f5

Uber Reports Strong Consumer Spending and Profit Growth

The rock only gets bottomer for spotify free users 😭 spotify wrapped you’ll be missed 👍🏼

I was honestly okay with the ads, but this was my last straw lol

Spotify really be testing users’ patience

Marketing Associate

Young SWE start with double digit salaries, while someone in Non tech will need 5-10 years to reach that level
Even the business roles, the direct revenue generating roles don't pay good traditionally

Funny how techies think everyone gets paid similar
A lot of it changed with startups trying to acquire talent, but not sustainable
Because the market simply doesn’t pay

How do non tech compete with this skewed demand-supply chain?

Tech and Non tech Pay Partiality is something no one talks about

Engineers deserve their pay.  
  
 1 - The code that engineers write are assets of a company. The code might keep running and serving customers for years after a engineer has probably even left the company.  
 On the other hand, the work that most non-tech folks do are not assets, but an operational expense.  
  
 Companies don't derive benefit of a non-tech even beyond the same month the work is performed.  
  
 The difference is the same as painting your house vs brushing your teeth. You don't paint your house everyday but you do brush your teeth. Painting here is a long lasting asset, adds to the value of the house. Brushing is necessary work but with ultimately perishable benefits.  
  
 2 - Code that engineers write provide non-linear benefits. A team of 30 in Zerodha were able to serve 3-5x more customers in the pandemic. This same scalability does not apply to non-tech majdoori. Business has scaled? Hire more heads. Not with code. 
  
  
 Obviously above does not apply to senior managerial folks who build and architect the organisation, set the cultures, create processes. The impact of their work is long lasting and non-linear. But work of junior business non-tech folks - well, they're getting paid as much as the value they create. Low leverage, low pay. Coding is very high leverage. 
  
 Before you jump on me, I worked for sales in years. Then shifted to product. Above two points are a reality whether you like it or not.

Spotify Stock Surges After Record Profit and Strong Guidance

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