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Spotify (SPOT) Turns Profitable on Surprising User Growth – Stock Analysis

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In this episode, we’ll dive into Spotify, a company that has recently turned a profit, causing its stock to surge by approximately 9%. We’ll explore the reasons behind this positive development, analyze its stock performance, and consider potential challenges Spotify may face. Let’s get started.

Spotify’s Profit Turnaround

Spotify has been making headlines recently due to its notable shift towards profitability. After a series of earnings misses, the company finally achieved a quarterly profit, marking a significant milestone. This achievement can be attributed to cost-cutting measures and a boost in the number of streamers. In the third quarter, Spotify’s total user base grew to approximately 226 million, including paying subscribers. This shift to profitability is encouraging for the company, given the challenges in the music industry, particularly with regards to royalty costs.

Stock Performance

To assess Spotify’s stock performance, we’ll examine its price chart. While the stock did experience an initial surge, it has since undergone a slight pullback. This is still an improvement from its previous levels. However, there may be some resistance around the $180 mark. To understand why, let’s look at the weekly chart.

On the weekly chart, we can identify resistance levels around $180, as well as potential resistance around $215, stemming from historical support and resistance patterns. Spotify’s stock has been trending downwards, with brief periods of upward movement. Currently, it appears to be in a phase of consolidation.

The A-to-D Pattern

There is the possibility that the recent positive movement in the stock represents an A-to-B, B-to-C, C-to-D pattern. The longevity of this pattern and the sustainability of profitability will depend on the company’s ability to continue improving its financials.

Conclusion

In the short term, Spotify’s stock seems to be benefiting from positive momentum. The volume is healthy, and buying pressure is evident. However, the stock still faces challenges in the competitive music streaming industry. For potential investors, it’s important to monitor the volume, price action, and financial developments. Keep an eye out for any pullbacks that might offer entry opportunities. Additionally, be cautious of gaps in the stock chart, as they can serve as potential support or resistance levels.

Spotify’s recent profit milestone is a positive development, and the company’s stock is reacting accordingly. As it navigates the competitive landscape, the company’s ability to sustain profitability will be closely watched. We appreciate your engagement and encourage you to explore the wealth of free courses and resources available on criticalcharts.com. We look forward to seeing you in our next video. Take care.

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