Winner: Spotify stock jumps 10% as cost-cutting boosts profit
• Spotify shares jumped 10% after a surprise profit r — its first quarterly profit in a year and a half — as price increases and cost-cutting measures took hold.
• Shares have more than doubled so far this year, up roughly 112% for 2023.
• Spotify laid off 200 people, or 2% of its workforce, as part of a strategic change in its podcasting unit.
• Revenue: grew 11% 3.36 billion euros
• Premium subscribers: 226 million vs. 224 million
• Spotify raised the prices of its subscription plans earlier this year, anywhere from $1 to $2, depending on the plan.
• Monthly active users drove 447 million euros of ad-supported revenue, that is up 16% year over year.
• Spotify now offers subscribers access to more than 150,000 audio books.
• Spotify is “pulling away from its peers who are simply not innovating in audio.”
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