Spotify is up after Tuesday’s financial report

Spotify [NYSE: SPOT] stock rose another 4.82% on Wednesday, closing the day at $118.14 By mid-morning on Thursday, it was trading at $120.79, up another 2.24%.

The stock also rose 12.72% to $112.72 on Tuesday after the streamer released a mixed Q4 and year-end financial report. Investors seemed encouraged by record user growth and CEO Daniel Ek’s pledge to trim spending after the streamer’s losses ballooned 44%.

Spotify ended last year with 489 million monthly users, including 205 million paid subscribers. But operating costs jumped 44%, and Q4 losses widened to $282 million, up from $42 million in 2021.

That made Spotify the first music streaming service to have more than 200 million paid subscribers. The total net addition of 33 million users represented Spotify’s largest Q4 growth ever.

Read Hypebot’s full coverage of the Q4 2022 Spotify earnings report and call here.

Bruce Houghton is the Founder and Editor of Hypebot and MusicThinkTank, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a professor for the Berklee College Of Music.