Spotify market cap value tops $124bn – as stock price hits record high after posting first full year of profit
Spotify‘s market value surged to a record $124 billion on Tuesday (February 4) after its stock reached an all-time high, fueled by its first-ever full year of operating profit.
Shares of the Swedish audio-streaming giant jumped 13% in New York trading Tuesday, crossing the $600 threshold for the first time, and closing at $621.77.
The stock has skyrocketed 178.5% from a year ago, outperforming the broader tech sector.
The milestone comes as Spotify reported operating income for FY 2024 of €1.4 billion ($1.49bn), marking a turnaround from a loss of €466 million ($497m) in 2023.
At the time of writing, Universal Music Group, the world’s largest music rights company, which trades on the Amsterdam Euronext, has a market cap value of…
