Spotify delivers improved margins, offsetting Q3 results miss
Investing.comNov 12, 2024 10:02 PM
Investing.com -- Spotify reported third-quarter results Tuesday that missed Wall Street estimates, but that was overshadowed by the Swedish audio streaming giant's improved margins amid cost-cutting efforts.
Spotify Technology SA (NYSE:SPOT) was up 9% in recent afterhours trading.
The company reported Q3 EPS of €1.45 on revenue of €3.99 billion, compared with Wall Street estimates for EPS of $1.68 on revenue of $4.02B
Gross margin improved to 31.1% in Q3 from 26.4% a year earlier.
Monthly active users grew 11% to 640M in Q3 from a year earlier.
Looking ahead, the company guided monthly active users to 665M, gross margin to 31.8% and revenue to €4.1B.
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