Spotify Technology S.A. (SPOT) shares skyrocketed 11.54% on Tuesday in the pre-market trading session, fueled by the company's impressive fourth-quarter 2024 earnings report that marked its first full year of profitability and exceeded Wall Street's expectations for user growth.
The music streaming giant reported revenue of €4.24 billion for the quarter, surpassing analyst estimates of €4.15 billion. Moreover, Spotify's total monthly active users climbed to 675 million, outperforming projections of 664 million, while premium subscribers rose to 263 million, beating the expected 260 million.
Notably, Spotify achieved a milestone by recording its first annual profit, with net income reaching €1.14 billion (approximately $1.2 billion) for the full year 2024. This profitability breakthrough comes after years of heavy investment in growth initiatives, such as expanding into podcasts and audiobooks, and underscores the company's efforts to control costs and prioritize profitability.
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