Spotify Technology S.A. (SPOT) shares jumped 15.41 percent, up $63.91, to $478.75 on Tuesday, after the audio streaming company reported a sharp rise in fourth-quarter profit, supported by higher revenue and finance income.
The stock is currently trading at $478.75, compared with a previous close of $414.67. Shares opened at $462.78 and traded between $465.25 and $495.94 during the session on the New York Stock Exchange. The last reported bid was $485.55 for 40,000 shares, while the ask stood at $486.61 for 12,000 shares. Trading volume reached 5.15 million shares, above the average volume of 2.35 million.
Net income climbed to 1.174 billion euros, or 4.43 euros per share, from 367 million euros, or 1.76 euros per share. Revenue increased 7 percent to 4.531 billion euros. Monthly active users rose 11 percent to 751 million, and premium subscribers increased 10 percent to 290 million. For the first quarter, Spotify expects revenue of 4.5 billion euros and operating income of 660 million euros.
Spotify shares have traded within a 52-week range of $405.00 to $785.00.
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