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: music, breaking news: business, earnings, spotify technology sa, media, business news, business,
Source: https://www.cnbc.com/2023/10/24/spotify-spot-earnings-q3-2023.html