Spotify’s share price surpassed $700 for the first time this week and reached a new all-time high of $717.87 on Thursday (June 5). The Swedish-based, New York-listed company ended the week up 6.9% to $712.26.
Through Friday (June 6), Spotify’s share price has increased 52.6% year to date, and its market capitalization has gained $54 billion to $145.8 billion. In an up-and-down year for most stocks, Spotify has rewarded investors with consistent subscriber growth and improved margins resulting from layoffs in 2023. The company finished the first quarter with 268 million subscribers, up 12% year over year, and total revenue of $4.54 billion was up 15%.
Related
Spotify Reports 12% Rise in Paid Subscribers for $4.5 Billion First Quarter Revenue
Spotify wasn’t the biggest gainer of the week