24/7 Wall St. Insights
- Spotify Technology S.A. (NYSE: SPOT) had a good third quarter.
- This is impressive given the giants it competes with in music and podcast streaming.
- Also: Dividend legends to hold forever.
Spotify Technology S.A. (NYSE: SPOT), which competes with Apple and Amazon in the music and podcast sector, had a good third quarter and believes it will continue. Given the competition’s prowess, the news is impressive.
Spotify’s success is due to the size of its library. Founded in 2008, it has 100 million soundtracks, 6 million podcast titles, and over 300,000 audiobooks.
In the recent quarter, it has 640 million active users, up from 574 million a year ago. Paid subscribers and ad-supported subscribers rose by about the same amount. Spotify’s revenue was €3.99 billion ($4.24 billion), up 19%. All the yardsticks topped expectations.
Spotify stock rose 6% on the news. It is almost 130% higher this year.
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