Spotify Stock Climbs Despite Q3 EPS Miss, Revenue Beat (CORRECTED)

by Erica Kollmann Benzinga Staff Writer

Zinger Key Points

Spotify reports quarterly earnings of $1.59 per share, which misses the analyst consensus estimate of $1.84.
Quarterly revenue clocks in at $4.38 billion, which beat the analyst consensus estimate of $4.31 billion.
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Editor’s Note: Quarterly earnings and revenue were corrected and updated.

Spotify Technology S.A. SPOT reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.

The Details: Spotify reported quarterly earnings of $1.59 per share, which missed the analyst consensus estimate of $1.84. The company reported quarterly sales of $4.38 billion, which beat the analyst consensus estimate of $4.31 billion and is an increase over sales of $3.65 billion from the same period last year.

The company reported monthly average user (MAU) net additions of 14 million, surpassing guidance by one million and subscriber net additions of six million were also ahead by one million. Premium subscribers grew 12% year-over-year to 252 million, reflecting year-over-year and quarter-over-quarter growth across all regions.

“The business delivered strong third-quarter results, as all of our KPIs met or exceeded guidance and profitability reached record levels,” the company wrote in a letter to shareholders.

SPOT Price Action: According to Benzinga Pro, Spotify shares are up 7.55% after-hours at $451.04 at the time of publication Tuesday.

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