Futu news, November 13, reported that the digital music service company.$Spotify Technology (SPOT.US)$The stock rose before the market today, as the company announced its Q3 2024 fiscal results after the market closed yesterday. As of the time of writing, the stock is up 5.63%, at $443, with a pre-market trading volume of $1.5331 million.

Performance for the third quarter of the 2024 fiscal year

• Revenue was €3.988 billion, compared to €3.357 billion the same period last year, an increase of approximately 19% year-on-year.

• Net income was €0.3 billion, compared to €65 million the same period last year, an increase of approximately 362% year-on-year.

• The diluted earnings per share is 1.45 euros, compared to 0.33 euros in the same period last year, an increase of approximately 339% year-on-year.

• The gross margin is 31.1%, compared to 26.4% in the same period last year.

• The monthly active users are 0.64 billion, compared to 0.574 billion in the same period last year, an increase of approximately 11% year-on-year. Among them, the number of premium users is 0.252 billion, compared to 0.226 billion in the same period last year, an increase of approximately 12% year-on-year.

Fourth quarter performance guidance for the 2024 fiscal year.

• Expected revenue is 4.1 billion euros, an increase of about 12% year-on-year;

• Expected operating profit is 0.481 billion euros, an increase of about 741% year-on-year;

• Expected gross margin is 31.8%, an increase of about 5.1% year-on-year;

• Expected monthly active users are 0.665 billion, an increase of about 10% year-on-year. Among them, the number of premium users is 0.26 billion, an increase of about 10% year-on-year.

About the company

Spotify Technology is a leading digital music service company that offers users a diverse range of online music and podcast services through premium membership and ad-supported models, catering to different audience needs.