How Spotify Technology's Stock Gained 26.6% Last Month
Shares of Spotify Technology (NYSE: SPOT) soared in October 2019. The provider of music-streaming services reported third-quarter results near the end of the month, transforming a quiet 6% October gain into a market-stomping 28.6% surge, according to data from S&P Global Market Intelligence.
Spotify's third-quarter sales increased by 34% year over year to $2.0 billion. Adjusted earnings rose by 62%, landing at $0.62 per diluted share. The number of monthly average users rose 30% to 248 million, including 113 million subscribers to Spotify's premium service.
Management said that the strong results sprang chiefly from a successful focus on premium podcasts, where Spotify pledged to invest at least $500 million in buyouts of exclusive content creators this year.
Source Fool.com
