Spotify: Q4 targets exceeded

(CercleFinance.com) - Spotify announced on Tuesday that it had ended 2023 on a strong note, with its Q4 results meeting or exceeding its targets.


The Swedish online music giant reported this morning a 16% increase in sales to E3.76bn, helped by a 15% rise in the number of premium subscribers to 236 million.

This figure slightly exceeds its forecast of 235 million.

Its gross margin improved to 26.7%, compared with 25.3% a year earlier, while its operating loss of E75m turned out to be smaller than expected, thanks to a reduction in expenses and personnel costs.

For the record, its initial estimate was for an operating loss of between E93m to E108m for the quarter.

Spotify above all promises a positive turnaround in sales and earnings in 2024, a year that should see an improvement in growth and profitability.

Following this publication, the stock was up 7% in pmt on Tuesday morning in New York.


Copyright (c) 2024 CercleFinance.com. All rights reserved.