Spotify shares rallied 12.7% in Tuesday’s session to log their best single-day percentage gain since exactly one year ago.
Spotify Technology SA’s revenue largely matched expectations in the fourth quarter, though the company delivered better user growth than anticipated and seemed to appease Wall Street with its more disciplined approach to the future.
Spotify’s SPOT, +12.72% revenue rose to €3.17 billion from €2.69 billion, while analysts tracked by FactSet were expecting €3.18 billion. Premium revenue was up 18% in the year, driven by subscriber gains, while ad-supported revenue rose 14%, buoyed by podcasting. “MAU net additions reached a quarterly record high of 33 million,” Spotify noted in its investor deck.
In his view, Spotify seems “more serious about reining in spending this year after big investments in 2022.”
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