Why Spotify Stock Surged Today
Shares of Spotify (NYSE: SPOT) popped on Tuesday after the audio platform delivered strong subscriber-growth metrics. As of 2:35 p.m. ET, Spotify's stock price was up more than 11%.
Spotify added a record 33 million monthly active users (MAUs) in the fourth quarter. That brought its total MAUs to 489 million, representing growth of 20% from the prior-year period.
The audio-streaming leader continues to successfully convert free users to paying customers. Premium subscribers, from which Spotify generates the bulk of its revenue, grew by 14% to 205 million. That bested Wall Street's estimates, which had called for MAUs of roughly 202 million.
Source Fool.com
