Why Spotify Technology Stock Jumped Today
Spotify Technology (NYSE: SPOT) delivered better-than-expected earnings results for the third quarter. Investors applauded the news by sending the shares up 9% as of 10:04 a.m. ET on Tuesday.
The Sweden-based streaming service reported lower operating expenses and higher revenue, which led to an operating profit of 32 million euros, reversing last year's operating loss of 228 million euros.
Spotify has benefited from new features on its platform that drove strong growth in monthly active users this year. The company is now making progress to convert growing users to a healthy profit, which is creating positive investor sentiment.
Source Fool.com
