Spotify stock was trading at $89.97 as of 12:39 PM EDT.
On Tuesday, October 25th, following the closing of the market, Spotify (NYSE:SPOT) is expected to release its third-quarter financial results. The average revenue estimate is €3.02B (+20.8% Y/Y), and the consensus EPS estimate is -€0.87. EPS projections have had six downward revisions and 0 upward revisions in the last three months. There have been two decreases and 17 increases in the revisions of revenue estimates.
Following the release of its Q2 results on July 27, the stock price of the Luxembourg-based provider of audio streaming services increased by +12.16%. Revenue for the company increased by +22.7% YoY to €2.86B, exceeding analysts’ expectations. With the support of promotional intake and household plans, the number of premium subscribers increased by 14% in the second quarter to 188 million, exceeding expectations by 1 million.
Following Netflix’s Q3 earnings, which shocked onlookers with a better-than-expected quarter for revenues, profitability, and subscribers, streaming market competitors rose a week ago.
Spotify stock analyzed
However, Spotify’s stock has lost over 63% so far this year; for more information, see this chart. The shares have a Hold SA Quant Rating, which considers a number of variables, including momentum, profitability, and valuation. For both Growth and Profitability, SPOT received a C-. The average Wall Street analyst rating is Buy, with 10 out of 30 analysts rating the company as a Strong Buy.
As TikTok company ByteDance apparently planned to expand its music streaming service, Spotify saw another possible rival in October. Spotify has continued to face difficulties; earlier this month, it was reported that the firm had pulled 11 original podcasts from its platform and had begun to lay off 5% of its podcast personnel.
By agreeing to partner with Futuro Studios to fund and create podcasts specifically for the tech giant with the goal of transforming them into other types of media, Apple expanded its in-house podcasting in August. The decision puts Apple more in direct rivalry with Spotify and Amazon, which already have agreements with studios to generate podcasts exclusively for their platforms. In an effort to expand beyond music streaming and take on more formidable competitors like Amazon, Apple, and Google, Spotify started selling audiobooks in September.
Spotify Stock Price Falls As It Eliminates 11 Of Its Own Podcasts And Slashes 5% Of Its Workforce
Featured Image – Megapixl © Kaspiic
Author Jowi Kwasu 
