Spotify stock has a forward price-earnings ratio of 526.32, which is absurdly high and signals an expected shift into profitability over the coming year. Spotify has increased its net income by $461 million since fiscal 2020, taking its trailing 12-month net losses to $120 million. The audio streaming company has managed to grow revenues 124% since fiscal 2017, and has increased revenues by 16% over the past 12 months. In general, Spotify stock is still in its early growth stages despite boasting a huge market capitalization of $54 billion. In fact, SPOT s down 0.7% at $284.95 at last check, pacing for its sixth-straight drop, which could mark the stock's longest losing streak since September 2020. the equity has been on a downturn for the better part of November, after last month's rally lost steam near the $300 mark. Spotify stock is down 9.2% this year, though it still sports a muted 4.2% year-over-year lead. Spotify has presence in 178 markets, and more than 70 million tracks including 2.9 million podcast titles. SPOT offers the world’s most popular audio streaming subscription service with a community of more than 365 million monthly active users and 165 million premium subscribers.
Spotify Technology SA (NYSE: SPOT) is an audio streaming and media services provider.
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