Why Spotify Stock Is Soaring After Q1 Earnings

Spotify beat expectations for the first quarter and its stock is notably higher following the report. Here's why.

Green Spotify logo on smartphone with airpods next to it
(Image credit: Beata Zawrzel/NurPhoto via Getty Images)

Spotify (SPOT) stock jumped more than 14% out of the gate Tuesday after the audio streaming and media company beat analysts' top- and bottom-line estimates for its first quarter.

In the three months ended March 31, SPOT reported year-over-year revenue growth of 19.5% to 3.6 billion euros thanks in part to recent price increases. The company also swung to a net profit of 97 euro cents per share vs a per-share loss of 1.16 euros in the year-ago period.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.