Spotify (NYSE:SPOT) earnings for the music streaming company’s third quarter of 2019 have SPOT stock soaring on Monday. This is due to its earnings per share of 40 cents on revenue of $1.92 billion. These both beat out Wall Street’s estimates of -32 cents per share and $1.90 billion.
Now for a closer look at the most recent Spotify earnings report.
- Spotify’s earnings per share are up 53.85% from 26 cents in the same period of the previous year.
- Revenue for the quarter is up 28% from $1.50 billion in the third quarter of 2018.
- Operating income increased to a profit from a loss during the same time last year.
- Net income of roughly $267.50 million is much better than the $47.72 million in Q3 2018.
- Monthly active users of 248 million are up 30% YoY.
The Spotify earnings report also notes that the company is getting a new Chief Financial Officer. Barry McCarthy will be retiring from the position on Jan. 15, 2020. Paul Vogel, the current VP of FP&A, Treasury and Investor Relations at the company, will be taking his place.
This Spotify earnings report also includes guidance for the fourth quarter of 2019. The company expects revenue for the period to range from $1.93 billion to $2.15 billion. For comparison, Wall Street is looking for revenue of $2.08 billion during the quarter.
SPOT stock was up 14.76% as of Monday afternoon. The stock is currently up 6.26% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.