Spotify's Q2 Margin Gains, Record Free Cash Flow And Strong Subscriber Growth Highlight Successful Execution In Music And Podcasts: JP Morgan Analyst
Spotify's Q2 Margin Gains, Record Free Cash Flow And Strong Subscriber Growth Highlight Successful Execution In Music And Podcasts: JP Morgan Analyst
JP Morgan analyst Doug Anmuth maintained an Overweight rating on Spotify Technology (NYSE:SPOT).
JP Morgan分析師Doug Anmuth維持對Spotify Technology（紐交所：SPOT）股票的增持評級。
Spotify reported fiscal second-quarter 2024 revenue growth of 20% year-on-year to $4.099 billion, missing the analyst consensus of $4.170 billion. EPS of $1.43 beat the consensus estimate of $1.15.
Spotify報告2024財年第二季度營業收入同比增長20％，達到40.99億美元，未達到分析師41.7億美元的共識。每股收益爲1.43美元，超過每股收益1.15美元的共識估計。
Spotify continues to execute well and drive meaningful profit improvements across music, podcasts, and other revenue costs, the analyst said, citing the gross and operating margin guide for the third quarter hitting the low end of the company's medium-term financial targets.
該分析師稱Spotify在音樂、播客和其他營收成本方面繼續出色地執行並實現了有意義的利潤改善，稱該公司第三季度的毛利率和營業利潤率指南達到公司中期財務目標的低端水平。
Spotify guided third-quarter gross margin of 30.2%, well above JP Morgan's estimate and consensus at 28.6%, Anmuth said.
Anmuth稱，Spotify第三季度的毛利率爲30.2％，遠高於JP Morgan估計和共識的28.6％。
The third-quarter operating income guide of 405 million euros was significantly above JP Morgan's estimate and consensus of 281 million euros and 298 million euros.
第三季度營業收入指南爲4,050萬歐元，顯著高於JP Morgan預估和共識的2,810萬歐元和2,980萬歐元。
Anmuth expects the strength in the margins to drive near-term strength in shares.
Anmuth預計較強的利潤率將推動股價在近期表現強勁。
Anmuth said Spotify's second-quarter free cash flow of 490 million euros was above JP Morgan's estimate and consensus of 215 million euros and 336 million euros and was its highest quarterly free cash flow ever.
Anmuth表示，Spotify第二季度自由現金流爲4,900萬歐元，高於JP Morgan的預估和共識，分別爲2,150萬歐元和3,360萬歐元，並且是其有史以來季度自由現金流最高的。
The analyst noted that MAUs grew across all geographies, led by the Rest of the World and Europe, and Spotify continues to recalibrate marketing activities.
該分析師指出，MAU在所有地理區域都有所增長，其中包括亞洲和歐洲，Spotify繼續重新調整其市場營銷活動。
Premium subscribers grew across all regions, led by North America and Europe, along with strong promo campaign intake.
付費訂閱用戶在所有地區都有所增長，其中以北美和歐洲爲主，並獲得了強大的促銷活動收益。
On the earnings call, Anmuth will seek updates on drivers of gross margin, operating income, and free cash flow in 2024, second-half MAU and premium subscriber net adds, early impact of U.S. price increase and cadence of international price increases, plan tiering and podcast growth and gross margins.
在業績會上，Anmuth將尋求有關2024年下半年的毛利率、營業收入和自由現金流的驅動因素、活躍用戶和高端訂閱者淨增長、美國價格上漲的早期影響和國際價格上漲的頻率、計劃分層和播客增長以及毛利率的更新。
Price action: SPOT shares closed higher by 12% at $330.79 on Tuesday.
股票價格爲：SPOt股票週二收盤上漲12％，爲每股330.79美元。
Photo by esthermm on Shutterstock
Shutterstock上的esthermm拍攝的照片。