What's Going On With Spotify Shares Wednesday?

Dylan Berman

November 13, 2024

Spotify Technology S.A. (NYSE:SPOT) shares are moving higher on Wednesday after the company reported better-than-expected third-quarter earnings after the market closed on Tuesday.

The Details: Spotify reported third-quarter revenue of $4 billion euros ($4.38 billion), versus estimates of 4.02 billion euros. The company reported earnings of 1.45 euros per share, versus estimates of 1.72 billion euros per share, according to CNBC.

Spotify shares jumped about 8% in after-hours trading Tuesday when the report was released.

The company reported 3.5 billion euros in revenue from Premium, up 21% year-over-year. Spotify said operating income totaled 454 million euros. Additionally, the company reported gross margin of 31.1% and free cash flow of 711 million euros.

Spotify said total premium subscribers climbed 12% year-over-year to 252 million. The company reported total monthly active users of 640 million in the quarter.

Spotify expects total monthly active users of 665 million and total premium subscribers of 260 million in the fourth quarter. The company anticipates fourth-quarter revenue of 4.1 billion euros, versus estimates of 4.26 billion euros, per CNBC.

Analyst Changes: Following the earnings release, multiple analysts issued price target adjustments. Here’s a look at some of the biggest changes.

Morgan Stanley analyst Manan Gosalia maintained an Overweight and raised the price target from $430 to $460.

JPMorgan analyst Doug Anmuth maintained an Overweight and raised the price target from $425 to $530.

Barclays analyst Kannan Venkateshwar maintained an Overweight and raised the price target from $385 to $475.

Piper Sandler analyst Matt Farrell maintained a Neutral and raised the price target from $330 to $450.

BofA Securities analyst Jessica Reif Ehrlich maintained a Buy and raised the price target from $430 to $515.

Related Link: These Analysts Increase Their Forecasts On Spotify Following Q3 Earnings

SPOT Price Action: At the time of publication, Spotify shares are up 10.8% at $464.90, according to data from Benzinga Pro.

Image: Photo via Shutterstock

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