Spotify shares gained 6.6% in morning trading Tuesday after the music streaming giant reported solid gains in new listeners, particularly paid subscribers, for the last three months of 2023, even as the results were depressed by a hefty charge thanks to large-scale layoffs at the end of the year.
Here are the top-line results:
- Net loss: Spotify posted a net loss of $77.3 million, sharply narrowing its 2022 Q4 loss of $288.3 million.
- Loss per share: On a per-share basis, the loss was 40 cents, compared with a loss of $1.49 per share last year, but coming in worse than the loss of 8 cents per share forecast by Zacks Investment Research.