Spotify (SPOT, Financial), the Swedish audio streaming giant, saw its stock rise by 8.45% in pre-market trading, reaching $595.5. The company is poised for a record high after the market opened, driven by strong fourth-quarter results.
In the latest quarter, Spotify's revenue increased by 16% year-over-year to €4.24 billion, surpassing analysts' expectations of €4.19 billion. The company reported earnings per share of €1.76, a significant improvement from a loss of €0.36 per share during the same period last year.
Spotify also reported a 12% increase in monthly active users, reaching 675 million, exceeding forecasts of 662.9 million. Looking ahead, Spotify projects its first-quarter revenue to be €4.2 billion, slightly above the analyst estimate of €4.17 billion.
