Spotify (SPOT, Financial) saw its stock price rise over 12.6%, reaching $618.55, marking a new all-time high. This surge follows the company's impressive fourth-quarter financial results, which exceeded market expectations. Spotify reported a 16% increase in revenue, totaling 4.24 billion euros, surpassing analysts' forecasts of 4.19 billion euros. The company also reported earnings of 1.76 euros per share, a significant turnaround from a loss of 0.36 euros per share in the same period the previous year.
The platform's monthly active users reached 675 million, a 12% year-over-year increase, which also beat the anticipated 662.9 million users. Looking ahead, Spotify projects its first-quarter revenue to be around 4.2 billion euros, slightly ahead of the analysts' prediction of 4.17 billion euros.
