CosmicTaco
Spotify Stock Surges After Record Profit and Strong Guidance
- 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
5mo ago
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