Spotify hikes premium subscription (again) to try and cue up more profits

Spotify jumped 6% after the music streaming giant announced another round of subscription price hikes.

The streamer said it plans to raise premium subscription rates over the next month across several regions, including Europe, Latin America, Africa, South Asia, and Asia-Pacific.

For instance, European users will see monthly premium prices go up by about 1 euro from 10.99 to 11.99 euros, or about a 9% jump. Subscribers will get the heads-up via email before the new prices hit.

The move echoes last year’s price hike in the US, when Spotify raised its monthly premium subscription rates from $10.99 to $11.99. The decision comes less than a week after the audio streamer posted its second-highest Q2 MAU count, but swung to a loss and gave a lighter-than-expected Q3 outlook.

Spotify shares are up 46% year to date.

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Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

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Premium seats help push airlines higher following third-quarter results

Shares of American Airlines are climbing toward the carrier’s best trading day since August 12, when ultra-budget rival Spirit issued its initial warning about its ability to survive. American’s shares are up more than 7% on Friday afternoon.

Investors’ optimism comes a day after American posted a better-than-expected full-year earnings forecast. In a call with investors, American said that it’s ramping up its premium cabin offerings.

“Our ability to grow capacity in premium markets will be further supported as we take delivery of new aircraft and reconfigure our existing fleet. These efforts will allow us to grow our premium seats at nearly two times the rate of main cabin seats,” CEO Robert Isom said. American CFO Devin May said that nose-to-tail retrofits of certain wide-body jets will bump the number of premium seats available on those planes by 25%.

Extra legroom has been a boon for major carriers, particularly this quarter. Delta Air Lines said its premium product revenue grew 9% in Q3, compared to a 4% drop in economy seat revenue. Similarly, United Airlines said its premium revenue grew 6%, outpacing economy. Shares of both airlines were up more than 3% on Friday.

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