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Spotify (SPOT) Gains As Market Dips: What You Should Know
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Spotify (SPOT - Free Report) closed at $226.55 in the latest trading session, marking a +0.51% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.87%. At the same time, the Dow lost 0.08%, and the tech-heavy Nasdaq lost 0.34%.
Heading into today, shares of the music-streaming service operator had lost 17.12% over the past month, lagging the Business Services sector's loss of 5.53% and the S&P 500's gain of 0.7% in that time.
Spotify will be looking to display strength as it nears its next earnings release. On that day, Spotify is projected to report earnings of -$0.44 per share, which would represent year-over-year growth of 44.3%. Meanwhile, our latest consensus estimate is calling for revenue of $3.08 billion, up 19.2% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.32 per share and revenue of $11.19 billion, which would represent changes of +62.71% and +24.21%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Spotify. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Spotify is currently sporting a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 181, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SPOT in the coming trading sessions, be sure to utilize Zacks.com.
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Spotify (SPOT) Gains As Market Dips: What You Should Know
Spotify (SPOT - Free Report) closed at $226.55 in the latest trading session, marking a +0.51% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.87%. At the same time, the Dow lost 0.08%, and the tech-heavy Nasdaq lost 0.34%.
Heading into today, shares of the music-streaming service operator had lost 17.12% over the past month, lagging the Business Services sector's loss of 5.53% and the S&P 500's gain of 0.7% in that time.
Spotify will be looking to display strength as it nears its next earnings release. On that day, Spotify is projected to report earnings of -$0.44 per share, which would represent year-over-year growth of 44.3%. Meanwhile, our latest consensus estimate is calling for revenue of $3.08 billion, up 19.2% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$1.32 per share and revenue of $11.19 billion, which would represent changes of +62.71% and +24.21%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Spotify. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Spotify is currently sporting a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 181, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SPOT in the coming trading sessions, be sure to utilize Zacks.com.