Spotify rises after upbeat profit forecast
Today 14:21
BUZZ-Spotify rises after upbeat profit forecast ** Shares of audio streaming giant Spotify SPOT.N rise about 7% to $562.03 in premarket trading
** Co forecasts fourth-quarter operating income of 820 million euros ($918.73 million), above analysts' average estimate of 813.4 million euros, according to data compiled by LSEG
** Spotify expects to add about 10 million premium subscribers in the fourth quarter, bringing the total to 316 million, ahead of analysts' expectations of 314.7 million
** Spotify has built a business that "keeps compounding", with costs moderating and further growth runway ahead, co-CEO Alex Norstrom says
** Up to last close, stock had fallen ~10% this year
($1 = 0.8925 euros)
(Reporting by Prathik Jayaprakash in Bengaluru)
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