US Stock Market Move | Q3 net profit soared over 360%, Spotify Technology (SPOT.US) surged 9% in pre-market trading.

On Wednesday, Spotify Technology (SPOT.US) surged more than 9% in premarket trading to $457.80. On the news front, the performance for the third quarter of the 2024 fiscal year showed that the company's operating revenue was 3.988 billion euros, compared to 3.357 billion euros in the same period last year, an increase of approximately 19%. Net profit was 300 million euros, compared to 65 million euros in the same period last year, an increase of approximately 362%. Diluted earnings per share were 1.45 euros, compared to 0.33 euros in the same period last year, an increase of approximately 339%. The gross profit margin was 31.1%, compared to 26.4% in the same period last year. The number of monthly active users was 640 million, compared to 574 million in the same period last year, an increase of approximately 11%. Among them, the number of premium users was 252 million, compared to 226 million in the same period last year, an increase of approximately 12%. As for the fourth quarter performance guidance, the company expects operating revenue to be 4.1 billion euros, an increase of approximately 12% year-on-year; operating profit is expected to be 481 million euros, an increase of approximately 741% year-on-year; gross profit margin is expected to be 31.8%, an increase of approximately 5.1% year-on-year; and the number of monthly active users is expected to be 665 million, an increase of approximately 10% year-on-year. The number of premium users is expected to be 260 million, an increase of approximately 10% year-on-year.