Spotify (NASDAQ:SPOT) released its quarterly earnings results on Wednesday. The company reported ($0.47) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.04, Morningstar.com reports. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the business earned ($2.20) EPS. The company’s revenue for the quarter was up 31.0% on a year-over-year basis. Spotify updated its Q4 2019 guidance to EPS and its Q3 2019 guidance to EPS.
Shares of SPOT traded down $2.64 during trading hours on Friday, hitting $152.97. The company had a trading volume of 21,388 shares, compared to its average volume of 1,651,217. The company’s 50 day moving average is $148.34. Spotify has a 52-week low of $103.29 and a 52-week high of $196.95.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Bank of New York Mellon Corp grew its stake in shares of Spotify by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 101,198 shares of the company’s stock worth $11,485,000 after purchasing an additional 13,083 shares during the last quarter. Northern Trust Corp grew its stake in shares of Spotify by 763.1% in the fourth quarter. Northern Trust Corp now owns 87,850 shares of the company’s stock worth $9,971,000 after purchasing an additional 77,671 shares during the last quarter. Two Sigma Advisers LP grew its stake in shares of Spotify by 0.7% in the fourth quarter. Two Sigma Advisers LP now owns 30,200 shares of the company’s stock worth $3,428,000 after purchasing an additional 200 shares during the last quarter. MML Investors Services LLC grew its stake in shares of Spotify by 44.7% in the fourth quarter. MML Investors Services LLC now owns 1,976 shares of the company’s stock worth $224,000 after purchasing an additional 610 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify in the fourth quarter worth about $27,386,000.
Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.
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