Spotify (SPOT) Stock Gains After Board Approves $1.5B Buyback Boost
TLDR
- Spotify’s board approved a $1.5 billion increase to its share repurchase program
- Total buyback authorization now stands at approximately $2.223 billion
- SPOT stock gained around 1% in after-hours trading following the announcement
- Q2 free cash flow hit €797 million, with trailing 12-month free cash flow at €3.3 billion
- Wall Street holds a Strong Buy consensus with an average price target of $607.04
Spotify (SPOT) stock climbed roughly 1% in after-hours trading on Thursday after the company announced a $1.5 billion increase to its share repurchase program. The stock was trading near flat during the regular session, down just 0.04% on the day.
The new addition brings total buyback authorization to approximately $2.223 billion. That includes around $723 million still remaining from the existing program.
Spotify said the timing and volume of future buybacks will depend on its share price, market conditions, and other investment opportunities. The company also made clear the program can be paused or cancelled at any time.
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