Spotify (NYSE: SPOT) is among the most sought-after equity in the market as it’s sustainably scaling up in the indices. This year alone, Spotify stock has surged 107% and doubled investors’ money in just 10 months. The rally has yet to be stopped, and the stock has more of a chance of heading north before the Q3 earnings results.
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The Q3 earnings call is scheduled for November 12 and is only four days from publicizing the results. The firm deals with music streaming and subscriptions and could deliver better-than-expected results. Monthly active users were up 26% in 2024 alone, reaching 574 million. In addition, subscriptions grew 16% year-over-year to 226 million, with an addition of 6 million users.
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Music subscriptions are growing rapidly worldwide, with people listening to songs on the move. This puts Spotify stock in the spotlight as it could beat market expectations, leading to a price rally. The stock closed Wednesday’s trading bell at $391, up 8.53 points and rising 2.23%.
Buy Spotify Stock: Q3 Earnings Could Prove Beneficial For Investors
Taking an entry position before the Q3 earnings call could be beneficial for investors as the chances of a spike remain high. The Trump-induced stock market bull run could push the price of Spotify stock much higher. Leading stock market analysis firm 30 Rates has also painted a bullish picture for SPOT.
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According to the price prediction, Spotify stock could reach a high of $ 442 next month during mid-December 2024. The average trading price could hover around the $410 mark. Therefore, an investment now before the Q3 earnings results could reap profits by delivering decent returns.
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An investment of $1,000 could turn into $1,130 if it reaches a high of $442 next month. The same investment could turn into $1,050 if it trades at its average price of $410. Spotify stock has more steam left in its kitty, and it’s best to ride the bull before the Q3 earnings call.
