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Spotify’s U.S. Price Increase Welcomed by Investors as Stock Spikes
Spotify's U.S. subscription price increase news boosted the company's stock on Monday (June 3). The share price closed up 4.7% from Friday.
Interim CFO Ben Kung said during the company's April 23 earnings call that past price increases “had minimal impacts on growth” and that Spotify expects average revenue per user (ARPU) to improve again in the second quarter. The combination of higher prices and lower salary expenses put Spotify on track to delivering the improved margins and profitability company executives promised investors in 2022. Spotify reached its all-time high of $387.44 on Feb. 22, 2021, amid investor hype about the company’s podcast ambitions and the boom in streaming stocks during a pandemic-fueled demand for at-home entertainment.
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