Spotify Technology (SPOT.US) rose 9% before the market opened, as its Q3 net profit soared more than 360%.

Spotify Technology (SPOT.US) rose more than 9% before the market opened on Wednesday, trading at US$457.80. On the news front, the company's third-quarter fiscal 2024 results showed that its revenue was EUR3.988 million, up about 19% year-on-year from EUR3.357 million in the same period last year. Its net profit was EUR300 million, up about 362% year-on-year from EUR65 million in the same period last year. Its diluted net income per share was EUR1.45, up about 339% year-on-year from EUR0.33 in the same period last year. Its gross margin was 31.1%, up from 26.4% in the same period last year. Its monthly active users were 640 million, up about 11% year-on-year from 574 million in the same period last year. Among them, its premium users were 252 million, up about 12% year-on-year from 226 million in the same period last year.

Regarding the fourth-quarter performance guidance, the company expects its revenue to be EUR4.1 billion, up about 12% year-on-year; its operating profit to be EUR481 million, up about 741% year-on-year; its gross margin to be 31.8%, up about 5.1% year-on-year; and its monthly active users to be 665 million, up about 10% year-on-year. Among them, its premium users are expected to be 260 million, up about 10% year-on-year.