Spotify Stock Soars Past $465 as Company Eyes First Profitable Year in 2024
Spotify's stock reached a new record high of $465 per share following its 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 strategic moves, including operational restructuring and programming adjustments, have positioned it for what executives predict will be its "first full year of profitability" in 2024.
Q4 2024 Projections:
- Additional 8 million subscribers (260 million total)
- Revenue target: $4.34 billion
- Operating income target: $509.28 million
Long-term Outlook:
- On track for $100 billion annual revenue by 2032
- Expanding beyond music with audiobooks and video content
- Growing international presence (55% of users outside Europe/North America)
- Upcoming launch of premium "Deluxe" tier
- New features focused on artist-fan connections
The platform's success is driven by global expansion, price increases, and diversification into new content formats, including audiobooks, video podcasts, and creator content, with more video-related announcements expected soon.
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