Spotify (NYSE: SPOT) is the world's largest music-streaming platform. It holds a 31% market share, according to Statista, with Tencent sitting in a distant second place at 14%.

The stock peaked near $364 in 2021 before collapsing 80% to trade as low as $71 during the tech crash in 2022. It was a reality check for Spotify (and a number of other tech companies), and it prompted a sharp change in strategy. The streaming giant has since slashed costs and optimized its operations for efficiency with the goal of delivering profitability for investors.

Those moves appear to be paying off. Spotify just released its first-quarter financial results, and it delivered more revenue than expected, in addition to record-breaking profits. Spotify stock popped 11% to $303 following the news. Though shares have since retreated, the stock is still sitting on a year-to-date gain of 50%. Here's why it's not too late to buy shares of the streaming leader.

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Source Fool.com