The music streaming app completely surprised investors with its quarterly performance and beat all initial forecasts.
Market analysts expected the company to report a loss of $0.40 per share, yet, Spotify's earnings per share for the third quarter were reported at $0.41.
The positive surprise of 202 per cent, illustrating the surge in reported EPS was facilitated by across the board improvements in all aspects of Spotify’s business.
The company has registered gains in both ‘Total Monthly Active Users’ and ‘Premium Subscribers’ on a yearly basis – 30 per cent and 31 per cent improvement respectively.
Consequently, Spotify’s revenue has increased by €1,731 billion in Q3 2019, compared to the reported €1,352 billion for the same period last year.
In the financial report, it was further asserted that:
“We continue to see exponential growth in podcast hours streamed (up approximately 39% Q/Q) and early indications that podcast engagement is driving a virtuous cycle of increased overall engagement and significantly increased conversion of free to paid users. The correlations in our data sets are clearly apparent. We are working to prove causality. Overall, the business is performing strongly."
Overall, the share price of Spotify rose by more than 16 per cent during Monday’s trading session and was closed just below the 61.8 per cent Fibonacci retracement level at 140.34.
Spotify 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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