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Spotify (SPOT) Stock Moves -0.37%: What You Should Know

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In the latest trading session, Spotify (SPOT) closed at $99.21, marking a -0.37% move from the previous day. This change was narrower than the S&P 500's 0.45% loss on the day. Elsewhere, the Dow lost 0.67%, while the tech-heavy Nasdaq lost 0.05%.

Coming into today, shares of the music-streaming service operator had gained 1.56% in the past month. In that same time, the Business Services sector lost 1.77%, while the S&P 500 lost 1.89%.

Wall Street will be looking for positivity from Spotify as it approaches its next earnings report date. This is expected to be July 27, 2022. The company is expected to report EPS of -$0.68, down 195.65% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.98 billion, up 6.02% from the prior-year quarter.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.78 per share and revenue of $12.32 billion. These totals would mark changes of +36.07% and +7.91%, respectively, from last year.

Any recent changes to analyst estimates for Spotify should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Spotify currently has a Zacks Rank of #3 (Hold).

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


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