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Spotify Stock Jumps 15%, Live Nation Shares Also Gain After Q3 Earnings
Spotify stock was up 15% and Live Nation shares also increased on Q3 earnings for both companies. The Billboard Global Music Index is up 5.8% overall.
After the company’s third-quarter earnings showed cost-cutting has led to record profitability, shares peaked at a new all-time high of $489.69 on Thursday (Nov. 14), briefly putting its market capitalization above $98 billion. A bevy of analysts also increased their price targets for Live Nation following the company’s earnings report on Monday(Nov. 11), which showed that the promoter achieved a record adjusted operating income in the third quarter. Spotify’s big gain was the primary reason the Billboard Global Music Index grew 5.8% to 2,162.50 despite just six of its 20 stocks finishing the week in positive territory.
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