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Spotify's user growth beats expectations, posts quarterly profit

Economic Times

Economic Times · 1y ago

Spotify's user growth beats expectations, posts quarterly profit

Spotify reported strong user growth, surpassing expectations with quarterly profit and increased forecasted monthly listeners. The company's operating income for Q3 2023 was 32 million euros, supported by higher gross margin and reduced costs. The number of monthly active users rose to 574 million, while premium subscribers reached 226 million. Spotify's revenue for the quarter was 3.36 billion euros, driven by growth in music and podcast advertising. With a positive outlook, the company aims to reach 1 billion users and $100 billion in annual revenue by 2030.

Related News

Spotify forecasts profit below estimates on higher taxes, shares sink - The Economic Times

Economic Times

Economic Times · 10d ago

Spotify forecasts profit below estimates on higher taxes, shares sink - The Economic Times

Spotify's profit forecast fell below estimates due to increased taxes on staff salaries, causing shares to drop nearly 9%. Despite strong demand for premium plans, revenue and profit guidance missed expectations, though user growth exceeded forecasts. Spotify expanded its share buyback program to $2 billion to boost investor confidence. The company faces stiff competition from rivals like Apple and Amazon, leading to increased marketing expenses. Revenue rose but fell short of estimates due to unfavorable currency movements.

Israel's Wix.com posts Q3 beat, says business as usual

Economic Times

Economic Times · 1y ago

Israel's Wix.com posts Q3 beat, says business as usual

Wix.com, an Israeli company assisting small businesses in website building and operation, reported higher-than-expected quarterly net profit. The Israel-Hamas conflict did not significantly impact its business. Earnings were $1.10 per diluted share, compared to 6 cents a year earlier, with a 14% increase in quarterly revenue to $394 million. Wix outperformed analysts' expectations. Despite 5% of its global workforce being called up for reserve duty due to the war, the company managed to mitigate disruptions, maintaining normal services. Wix projected strong revenue growth for the fourth quarter and raised its 2023 revenue estimate. The company's stock rebounded in 2023 after a 51% drop the previous year.

Snap beats profit estimates on strength in advertising platform

Economic Times

Economic Times · 6m ago

Snap beats profit estimates on strength in advertising platform

Snapchat's parent, Snap, exceeded Wall Street's profit expectations due to enhancements in its advertising platform, focusing on AI and machine learning for personalized, automated ad placements. This shift primarily attracted small- and mid-sized advertisers, boosting revenue growth. Despite competition from TikTok and Meta, Snap's user base increased by 9% to 453 million daily active users. Fourth-quarter revenue rose by 14% to $1.56 billion, with a positive forecast for the first-quarter revenue and adjusted EBITDA.

Cisco beats earnings expectations as AI spurs networking gear demand

Economic Times

Economic Times · 8m ago

Cisco beats earnings expectations as AI spurs networking gear demand

Cisco Systems exceeded expectations in its first-quarter results, driven by increasing demand for its networking gear in the midst of the AI boom. The company predicts higher quarterly revenue and profit than anticipated, thanks to investments in AI technologies that require data centers utilizing Cisco's products. To diversify its business, Cisco aims to reduce reliance on its networking equipment division by focusing on areas such as cybersecurity, cloud systems, and AI-driven products. Despite facing supply chain issues and a downturn in demand, the company completed its acquisition of Splunk, enhancing its software business and cybersecurity capabilities. The company expects second-quarter revenue to surpass estimates, along with a rise in adjusted profit per share. Cisco forecasts annual revenue and adjusted profit within an optimistic range.

Crypto exchange Coinbase posts first profit in two years on robust trading

Economic Times

Economic Times · 1y ago

Crypto exchange Coinbase posts first profit in two years on robust trading

Crypto exchange Coinbase has announced its first quarterly profit since 2021 thanks to increased trading volumes and a resurgence of interest in cryptocurrencies. The approval of bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has driven investor enthusiasm for crypto. Coinbase's transaction revenue jumped 64% to $529.3 million in Q4 2023, with expectations of strong performance in the first quarter of its subscription and services unit. The company reported a profit of $273.4 million for the three months ending December 31, 2023.

Results from Alphabet and Snap lift shares of online ad sellers

Economic Times

Economic Times · 9m ago

Results from Alphabet and Snap lift shares of online ad sellers

Online ad sellers, such as Alphabet, Reddit, and Snap, experienced a significant increase in stock market value following positive quarterly results. Alphabet saw a 4% surge in stock value due to exceeding revenue expectations, driven by growth in digital advertising and demand for cloud services. Meta Platforms and Amazon, both competitors of Alphabet in advertising and AI, also experienced stock gains. Snap, despite facing tough competition, beat revenue and user growth expectations, leading to a 7% increase in its stock value. Reddit's extended trade surged by 20% after forecasting higher quarterly revenue, suggesting an increasing number of advertisers are turning to the platform.

How years of Reddit posts have made the company an AI darling

Livemint

Livemint · 8m ago

How years of Reddit posts have made the company an AI darling

Social media platform Reddit has found a new source of growth and revenue in artificial intelligence (AI) companies. Reddit's vast amount of user commentary has attracted AI companies looking for data to train their models. In recent years, Reddit has started charging some businesses for access to its data, with data-licensing deals with OpenAI and Google contributing to the platform's recent quarterly profit. This move not only diversifies revenue streams for Reddit but also addresses the growing demand for high-quality text data by AI companies.

EBay beats earnings estimates on strong US holiday spending

Economic Times

Economic Times · 1y ago

EBay beats earnings estimates on strong US holiday spending

eBay reported better-than-expected quarterly revenue and profit due to strong consumer spending during the holiday season. The company experienced growth in categories such as refurbished goods and auto parts, and its marketplace is expected to benefit from increased consumer spending. However, eBay CEO Jamie Iannone noted weaknesses in the UK and Germany, highlighting negative e-commerce growth in the latter. The company also announced a $2 billion share repurchase program. Despite job cuts and uncertainties in the economy, eBay's performance surpassed estimates with a revenue of $2.56 billion and adjusted profit per share of $1.07.

Spotify needs to keep the price hits coming

Livemint

Livemint · 1y ago

Spotify needs to keep the price hits coming

Spotify's first-quarter results exceeded expectations, with a 20% increase in revenue and 168 million euros in operating income. This strong performance has led to a surge in the company's stock price and has investors optimistic about its future prospects. Analysts predict further growth in revenue and operating income, with some expecting price increases and the launch of new subscription tiers to contribute to this growth. However, they also highlight the need for Spotify to balance user growth with profitability and address concerns around royalty payments to record labels.

Google parent Alphabet beats quarterly revenue estimates

Economic Times

Economic Times · 9m ago

Google parent Alphabet beats quarterly revenue estimates

Alphabet, the parent company of Google, reported better-than-expected third-quarter revenue thanks to strong growth in its digital advertising business and increased demand for its cloud services. Digital ad sales rose to $65.85 billion, while revenue from Google's cloud platform reached $11.35 billion, surpassing analysts' estimates. The company's profit of $2.12 per share also exceeded expectations. Overall, Alphabet experienced a 15% increase in revenue to $88.27 billion during the quarter.

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