Spotify grows up
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 24 April 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Tesla reported a 9 per cent decline in first-quarter revenue, Spotify kicked off a more mature era for its business after years of freer spending, and the US Federal Trade Commission banned non-compete clauses for employees. Plus, international investors have rushed into Egypt’s debt after the most populous Arab nation secured a $55bn bailout.
Mentioned in this podcast:
Tesla revenue declines in first quarter as vehicle sales slow
Spotify hits record quarterly profit as it enters ‘new phase’
US FTC bans non-compete agreements
Demand for Egyptian debt surges after $55bn bailout and investment package
Latin American cocoa farmers rush to expand planting as prices spike
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Katya Kumkova, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. UK. Good morning from the Financial Times. Today is Wednesday, April 24th, and this is your |
| 0:18.7 | F.T. News briefing. Tesla's shares jumped yesterday despite a rough earnings report and |
| 0:25.5 | Spotify looks like it's entering a new era. Plus Egypt was thrown a lifeline |
| 0:32.2 | to deal with its debt crisis. |
| 0:34.6 | Nobody has an interest in seeing Egypt collapse. |
| 0:38.8 | And I think that's why there has been this rush to salvage the economy. |
| 0:45.0 | I'm Sonia Hudson, and here's the news you need to start your day. Tesla put out a pretty brutal earnings report yesterday. The company outlined a 9% decline in |
| 1:08.5 | revenue last quarter. That was its first year-on-year quarterly drop since the beginning of 2020. |
| 1:15.3 | The electric carmaker is dealing with a slowdown in vehicle deliveries. |
| 1:19.1 | It's had to slash prices as a result. |
| 1:21.8 | And Tesla announced earlier this month that it would cut more than |
| 1:25.2 | 10% of its workforce. But despite all the bad news, Tesla's shares jumped more than |
| 1:31.7 | 10% in after hours trading. |
| 1:34.5 | That's because the company took the moment to announce that it's speeding up the launch of |
| 1:38.4 | cheaper models. |
| 1:40.1 | The boost yesterday was a gift for the company. Its shares have fallen about 40% since the start of the year. Spotify CEO promised a new phase for the streaming service and |
| 1:58.7 | based on yesterday's earnings report Daniel Eck is starting to make good on that promise. |
| 2:05.0 | The company turned its largest quarterly profit ever. |
| 2:08.8 | Investors were singing the company's praises. |
| 2:11.5 | Shares in Spotify ended the day up more than 11%. |
... |
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