Spotify shares pop nearly 12% Tuesday for the stock's best day since January 2022.
Spotify CEO Daniel Ek admitted he overspent in 2022 and plans to tighten up this year as Spotify moves past what it is calling a peak investment year.
Shares of Spotify (NYSE: SPOT) popped on Tuesday after the audio platform delivered strong subscriber-growth metrics. As of 2:35 p.m. ET, Spotify's stock price was up more than 11%. Spotify added a record 33 million monthly active users (MAUs) in the fourth quarter.