Spotify Discontinues Car Thing Device, Shifts Focus to New User Features
- Discontinuation of Car Thing: Spotify discontinued its debut hardware product, Car Thing, which allowed users to control Spotify through car speakers using voice recognition and preset buttons. The device will become inoperable on December 9.
- No Refunds Offered: Spotify does not offer refunds or subscription credits for Car Thing; instead, users are advised to dispose of the device responsibly.
- Focus on Streamlining Products: Spotify is streamlining its product offerings to focus on new features and enhancements for a better user experience, with no plans for a replacement for Car Thing.
- Financial Performance: In April, Spotify reported strong fiscal first-quarter 2024 revenue of $3.95 billion, up 20% year-on-year, beating analyst estimates. The company's EPS also exceeded expectations.
- Investment Opportunities: Despite the discontinuation of Car Thing, Spotify stock has gained over 107% in the last 12 months. Investors can access the stock through ProShares On-Demand ETF and WBI BullBear Quality 3000 ETF.
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- Enhancing Profit Margins: The price hike is part of Spotify's efforts to boost profit margins, including reducing marketing expenses and layoffs.
- Competition and Innovation: Facing competition from Apple and Amazon, Spotify emphasizes the need to invest in and innovate its product offerings.
- Subscriber Growth: Spotify reported a 14% increase in premium subscribers to 239 million, with a forecast of 631 million monthly active users for the second quarter.
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Lyft Seeks $450 Million from Wall Street — What Are Their Upcoming Plans?
Lyft's Financial Strategy: Lyft, Inc. plans to offer $450 million in Convertible Senior Notes due 2030 to strengthen its balance sheet, fund share buybacks, and support future investments, while also entering capped call transactions to limit dilution.
Recent Performance: Despite reporting quarterly earnings of 10 cents per share that exceeded expectations, Lyft's revenue of $1.58 billion fell short of analyst estimates, with shares trading at $16.24 within a 52-week range of $9.66 to $19.06.
Lyft's Ride Gets Bumpy: Earnings Expected To Fall Short While Market Shifts
Earnings Forecast: Lyft is expected to report second-quarter earnings below analyst expectations, with projected EBITDA of $97 million and gross bookings of $4.05 billion, raising concerns about consumer trends and market share against competitors like Uber.
Market Performance: Despite the earnings outlook, Lyft's stock gained 3.03% in mid-day trading, and several ETFs tracking Lyft also saw increases, indicating some investor confidence amidst the challenges.
Spotify Turns Up The Volume On Pricing, Premium Plans See A Hike
- Spotify Price Increase: Spotify raised prices for its premium plans in the U.S., with individual plan now at $11.99, duo plan at $16.99, and family plan at $19.99.
- Enhancing Profit Margins: The price hike is part of Spotify's efforts to boost profit margins, including reducing marketing expenses and layoffs.
- Competition and Innovation: Facing competition from Apple and Amazon, Spotify emphasizes the need to invest in and innovate its product offerings.
- Subscriber Growth: Spotify reported a 14% increase in premium subscribers to 239 million, with a forecast of 631 million monthly active users for the second quarter.
- Stock Performance: Spotify stock has gained over 99% in the last 12 months, currently trading higher by 4.83% at $311.12.
Spotify Discontinues Car Thing Device, Shifts Focus to New User Features
Uber and Lyft Gear Up for Pay Increases in Minnesota: What Drivers and Investors Need to Know
Spotify Co-founder Daniel Ek Cashes Out More Spotify Stock, Shifts Focus to Tech and Climate Startups
