Spotify stock (NYSE: SPOT) has experienced a slight cooling after reaching a record high of nearly $400 per share, following TikTok Music's shutdown announcement. The stock closed at $369.20 per share, down 3% from open and approximately $20 below its 52-week high.

Key Factors Affecting Spotify's Stock Performance:

• Multiple analysts predict SPOT could reach $500 per share
• Concerns exist about subscriber growth and content costs
• Company has shifted focus to profitability over growth
• Recent operational improvements include reduced wasteful spending and price increases
• Expansion into audiobooks and video services

Important Upcoming Events:

• Q3 2024 earnings release scheduled for Tuesday, November 12th after market close
• Company currently under insider-trading blackout period
• Select Equity Group recently reduced holdings by 17.9% to approximately 141,000 shares

Notable Differences from 2021:

• More streamlined operations
• Stronger focus on profitability
• Implementation of price increases
• Diversification into new content types

The upcoming Q3 earnings report will be crucial, as any miss in profit or subscriber numbers could significantly impact stock performance, especially given current market expectations.

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