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Spotify’s stock price is up almost 62% since early 2023.
After plummeting to an all-time low in November 2022, Spotify’s stock price (NYSE: SPOT) has seen a nearly 62% valuation surge since the start of 2023.
Spotify’s stock, which reached $69.28 a share about five months ago, was worth $132.48 a share when trading closed today. While representing a 6.23% decline from the same point in April 2022, the figure reflects his 61.76% rise since the beginning of the year, when SPOT hovered around $80.
The music-streaming platform’s key stock rally may at least partially signal an easing of the recession across tech stocks that have dealt with public market woes in every way over the past year. Additionally, these same businesses, including Meta, Microsoft, Amazon, and Spotify themselves, have moved in recent months to cut spending through headcount reductions and additional measures.
(Meta stock is up 73% year-to-date, Roblox stock is up 66%, Snap stock is up 19%, Alphabet/Google stock is up 21%, and Apple’s double-digit gains are on top of Tesla, Uber, Airbnb’s etc. is yet to come.)
For Spotify, which kicks off 2023 by letting go of 6% of its global workforce, these cost-cutting steps include pausing huge investments, especially in the podcasting and audiobook aspects. There seems to be Since 2020, the Stockholm-based business has Joe Rogan Experience Companies like Podsights and Chartable are just a few.
But Heardle’s owner wastes seem to be over for the time being — management has similarly discontinued the Locker Room-based Spotify Live offering — investors are more likely than not in the not-too-distant past. Clearly bullish.
Profitability continues to miss Spotify, which is looking to improve its podcasting profitability and reach $100 billion in annual revenue, but the service has a sizable user base (489 million by the end of 2022). monthly active users) and 205 million paying. users in it, according to its latest earnings report.
With this in mind, the company is also expanding its paid promotional program, and there is evidence that further price increases are on the way. Guggenheim’s Michael Morris commented on the latter point late last month when he gave SPOT a buy rating and he put a $155 target price (especially when he thought Spotify could raise the cost of individual subscriptions in the US). gender).
Additionally, analysts from Evercore, Rowan Street, and The Guardian Fund have long favored Spotify for reasons such as the service’s potential to be perceived as a one-stop audio entertainment hub.
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