Why Spotify stock is surging

Audio streaming giant Spotify (NYSE: SPOT) shares jumped 13% on February 4 after the company reported its first full year of profitability since its launch more than 16 years ago.The company has consistently posted strong financial results throughout 2024, and the cost-cutting measures put in place starting in 2023 paid off, along with strong user growth and pricing adjustments driving the surge.Spotify year-to-date price chart. Source: Google FinanceSpotify shares closed January 4 at $621.77, hitting fresh ...