Spotify shares pop on better-than-expected profit forecast [CNBC]
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Source: CNBC
Spotify shares rose in extended trading on Tuesday after the music streaming company issued a profit forecast for the fourth quarter that topped estimates. Here's how the company did, compared to what analysts expected: While the Swedish company's earnings and revenue for the third quarter trailed estimates, investors focused instead on guidance for the current period. Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. MAUs will increase to 665 million, while analysts were expecting 659.3 million, based on a StreetAccount estimate. Still, revenue guidance trailed estimates. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG. Subscribers to Spotify Premium, the company's ad-free membership service that allows users to select songs on an unlimited basis, increased 12% year o
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