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Spotify Shares Reach Another High, Valuing Company at More Than $160 Billion
Spotify stock reached another high this week, valuing the company at $161 billion, while Sphere Entertainment shares rose 10.2%.
Music stocks, as well as the S&P 500 and Nasdaq, closed at record highs on Friday (June 27) despite President Trump’s claim that the U.S. broke off trade negotiations with Canada. Guggenheim analysts also accounted for a stronger euro, which will have a negative impact on Spotify’s reported revenue, as well as social charges related to share price appreciation. “Beyond these accounting changes,” Guggenheim analysts wrote in their note to Spotify investors, “our conviction in the mid- and long-term growth opportunity at the global streaming audio leader remains intact with core pricing power, potential tier expansion, expanded delivery of audio formats (led by audiobooks and podcasts) and the early-stage commerce opportunity presented by app-store changes underpinning our confidence.”
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