Spotify Stock Soars Past $465 As Company Projects First-Ever Profitable Year After Strong Q3 Earnings
Spotify's stock reached a record-breaking $465 per share following their Q3 2024 earnings report, marking a 146% increase since the start of 2024.
Spotify stock price chart
Key Q3 2024 Financial Highlights:
- Revenue: $4.22 billion (€3.99 billion)
- Operating income: $480.58 million (€454 million)
- Paid subscribers: 252 million (12% YoY growth)
- Subscription revenue: $3.73 billion (21% YoY growth)
- Ad revenue: $499.36 million (6% YoY growth)
The company's success stems from operational restructuring, including strategic layoffs and programming adjustments. Geographic expansion continues, with 55% of monthly active users now outside Europe and North America, though these regions still account for 65% of subscribers.
Q4 2024 Projections:
- Additional 8 million subscribers (260 million total)
- Revenue target: $4.34 billion
- Operating income target: $509.28 million
Long-term goals remain ambitious, with CEO Daniel Ek confirming the company is "slightly ahead of schedule" on its $100 billion annual revenue target by 2032. Spotify is expanding beyond music streaming with:
- Audiobooks (showing 5+ hours more consumption among users)
- Video content (including music videos, podcasts, TV shows)
- New "Deluxe" tier development
- Enhanced artist-fan connection features
The company anticipates 2024 to be its first full year of profitability, representing a significant milestone in Spotify's business evolution.
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