NewsAnchor

Spotify Stock Surges After Record Profit and Strong Guidance

NewsAnchor · 2024-07-23T19:48:20.665830+05:30

- 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 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

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