Wall Street ended in the positive – Spotify rose significantly after record results – E24

The electricity giant delivered its strongest quarter ever and was rewarded with a sharp share jump. Electric car manufacturer Tesla rose ahead of tonight’s figures release.

There was a broad rise from the start of the week’s second trading day.

This is how it looks at closing time at 10 p.m.:

• The Dow Jones rose 0.69 percent.
• The Nasdaq rose 1.59 percent.
• The S&P 500 ended up 1.20 percent.

On Monday, the week began with a broad rise on the stock exchange in New York, and the S&P 500 and Nasdaq thus broke a six-day losing streak.

This week, several major technology companies are presenting results for the first quarter.

Facebook owner Meta releases figures on Wednesday, while Microsoft and Google owner Alphabet take their turn on Thursday.

Tesla presents figures

The electric car manufacturer Tesla opens the accounting books after closing time this evening, Tuesday. A decline in both turnover and profit is expected for the company, which has had a brutal start to 2024.

Since the new year, the stock has fallen almost 42 percent, to the lowest levels since January 2023.

Tesla has also become less popular among Norwegian small savers at Nordnet, investment economist Mads Johannesen at Nordnet told E24 on Monday evening.

– There has been a long series of negative news. You may have lost a bit of the charisma and fan base you had before, Johannesen said.

Ahead of tonight’s figures release, there has been a number of news from the company in the past week.

The electric car manufacturer has jacked down the prices in both the US, China and Europe during the weekend. According to Bloomberg, Tesla has also announced that 10 percent of the workforce will be cut globally. At the same time, the Tesla board has asked the shareholders to approve a controversial salary package worth over 600 billion for Musk. In addition, nearly 3,900 Cybertrucks have been recalled due to problems with the accelerator pedal.

The Tesla share rose 1.8 percent.

The strongest ever for Spotify

The music service Spotify reports an operating result of 168 million euros in the first quarter, the highest ever for a single quarter. In the same quarter last year, the company delivered an operating profit of minus 156 million euros.

Turnover rose by 20 percent from the previous year to 3.6 billion euros in the first quarter.

Spotify now expects 250 million euros in operating profit and 3.8 billion in revenue in the second quarter, and estimates that the company will have 631 million users and 245 million subscribers.

The number of monthly active users increased by 19 percent to 615 million. Spotify had 239 million subscribers, in line with the company’s prior estimates.

The Spotify share jumped 11.43 percent.

Since the new year, the Spotify share has risen 60.65 percent.