Benchmark analyst Mark Zgutowicz raised the firm’s price target on Spotify to $375 from $325 and keeps a Buy rating on the shares. Q1 premium gross margin improvement “marks a meaningful music-only profitability inflection,” while Q2 gross margin guidance of 28% exceeded the firm’s expectation, the analyst tells investors in a post-earnings note.
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- SPOT Earnings: Spotify Soars with €1 Billion in Gross Profits
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- Spotify Reports Soaring Revenue and Profitability
- Spotify reports Q1 gross margin 27.6% vs. 25.2% last year
- Spotify reports Q1 premium subscribers 239M vs. 210M last year
