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Spotify Stock Is Soaring This Year: Has the Company Finally Made a Turnaround?

TheMotleyFool

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Spotify Stock Is Soaring This Year: Has the Company Finally Made a Turnaround?: https://g.foolcdn.com/editorial/images/719524/chart.jpg

The market hated Spotify (NYSE: SPOT) in 2022. At some points, it felt like shares would never stop falling with the stock down 66% last calendar year.

But in 2023, fortunes for the audio streamer have started to change. The stock is up 55% year to date (YTD) along with an overall resurgence in growth stocks this year and after reporting strong user growth for the fourth quarter of 2022.

Investors are betting big on Spotify after its latest earnings result. Is the stock finally ready to bounce back for good? Let's take a look.

Source Fool.com

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