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Spotify stock jumps 10% as cost-cutting boosts streamer to first quarterly profit in a year - TL;DR CNBC

Spotify stock jumps 10% as cost-cutting boosts streamer to first quarterly profit in a year

Publishing timestamp: 2023-10-24 12:38:12


Summary

Spotify reported a surprise profit for the third quarter, its first quarterly profit in a year and a half. The profit was driven by cost-cutting measures and price increases in its subscription plans. The company's stock jumped 10% after the announcement. Spotify has been expanding into podcasts and audio books and expects profitability to continue into the fourth quarter and beyond.


Sentiment: POSITIVE

Tickers: SPOT

Keywords: musicbreaking news: businessearningsspotify technology samediabusiness newsbusiness

Source: https://www.cnbc.com/2023/10/24/spotify-spot-earnings-q3-2023.html


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