Spotify's Bold Move - CEO Announces Drastic 17% Workforce CutKEY POINTS
i. Spotify to cut headcount by 17% amid economic challenges, aiming for a leaner, more efficient structure for future growth.
ii. CEO Daniel Ek emphasizes strategic investment and resourcefulness.
Spotify Technology S.A. CEO Daniel Ek announced significant organizational changes, including reducing the company's headcount by approximately 17%. The decision reflects the economic slowdown and the need for Spotify to align with future goals and challenges. Despite recent positive earnings, the cost structure remains too high, prompting this substantial downsizing decision.
In October, Spotify reported third-quarter FY23 revenue growth of 11% year-on-year to €3.36 billion ($3.65 billion), beating the consensus of $3.34 billion. EPS of €0.33 or $0.36 beat the consensus loss of $(0.22).
Ek emphasized that while Spotify's investments in team expansion and content enhancement have driven growth, the company needs to be more efficient and resourceful.
Affected employees will receive a calendar invite for one-on-one discussions, with severance details including an average of five months' pay, payout of unused vacation, healthcare coverage during severance, and immigration support.
Additionally, impacted staff will have access to outplacement services. Ek acknowledged the pain this decision will cause but emphasized the need for a leaner, more efficient structure to invest strategically in the business.
In June, Spotify disclosed the decision to cut its headcount by 200 employees in the global podcast vertical and other functions, representing 2% of the company's workforce. The stock has gained 121% year-to-date.
Price Momentum
SPOT is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
Spot
SPOTIFY Buy opportunity on the 4H MA50.Spotify (SPOT) opened considerably higher yesterday but almost closed the 1D candle flat as it couldn't diverge more from the general bearish market sentiment. Clearly this opening jump indicates the stock bias to continue the bullish leg of the Channel Up that started on October 23, but a small pull-back along the majority of the market is probable, which can serve as a more comfortable buy entry for a rally to the end of the year.
Based on the 1D CCI, we may be in a similar situation as February's temporary top, which pulled back and only found support on the 4H MA50 (red trend-line). As a result we are looking for a new buy on the 4H MA50 in order to target the 0.786 Fibonacci level at 208.00.
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Market Update - December 1 2023
Bitcoin climbs as SEC speeds up spot bitcoin ETF review process: Bitcoin (BTC) continued to grind higher this week, reaching a new yearly high of over $38.5k, as market participants continued accumulating BTC ahead of the potential ETF approvals at the start of next year. The SEC announced it would open the comment period for its review of applications submitted by asset manager Franklin Templeton and crypto-native firm Hashdex, leading to speculation that the regulator may be lining up “every applicant up for potential approval by the Jan 10, 2024 deadline.” Investors continued to accumulate BTC, including an unidentified whale that has been gaining attention after purchasing ~12k BTC, worth more than $450 million, over the past month. Microstrategy also announced that it bought another ~$600 million worth of BTC in November, bringing its total holdings to 174,530 BTC.
Federal Reserve Governors appear to diverge on interest rate hikes ahead of December meeting: The Federal Open Market Committee (FOMC) is set to have its last meeting of the year on December 13, with the market widely expecting rates to remain unchanged. On Tuesday, two separate speeches from Federal Reserve governors differed on how they see the path forward on inflation and interest rates. Fed governor Michelle Bowman suggested that more rate hikes may be necessary to bring inflation back down to 2%, and notably hawkish Fed governor Christopher Waller appeared to ease his stance, suggesting that more hikes are not needed.
USTC and LUNC skyrocket amid Binance perps listing and airdrop news: Following rumors that there may be a Terra Classic USD (USTC) revamp backed by bitcoin and news that Binance would be a USTC perpetuals listing, USTC and LUNC unexpectedly gained investor attention this week.
FTX estate given approval to sell off trust assets: The FTX bankruptcy reached a key milestone this week as the estate was granted approval to sell its trust assets worth roughly $873 million at current prices. The added supply from these sell orders could cap price action for some of the assets. Notably, Solana (SOL) continued its rally to ~$60 despite FTX rumored to be selling SOL from its estate in early November.
🏛️ Topic of the Week: Interest Rates
➡️ Read more here
Exciting developments in the $ARB 🚀 Exciting developments in the AMEX:ARB universe! 📈 The charts are painting a promising picture with a Bullish Falling Wedge breakout and a robust Double Bottom formation. 🔄 The technicals suggest a potential upward surge, and I'm gearing up for the ride!
📊 Currently loading up as we speak, eyeing a target of $1.8. 🎯 This setup seems to have the perfect recipe for significant gains. 🚀💰 The market sentiment is positive, and I'm ready to capitalize on this opportunity!
🌐 Keep an eye on the charts, fellow crypto enthusiasts! 📈 Let's ride the waves together and aim for those impressive gains. 🚀💎 #ARB #CryptoNews #BullishSetup #DoubleBottom #ToTheMoon #CryptoTrading #MarketWatch 🌕
SPOT EARNINGS CHART - SPOTIFY TRENDS SPOT chart for earnings. IMO, it probably see a rejection around 152ish and then drops down to buy zone 1. After buy zone 1, the return takes it back around 142-147.
Due to the nature of earnings, we could potentially see the drop to 126 all within the AH
Earnings potentially takes it down all the way to 102.
It's hard to say that earnings pumps, and the reason for that is due to the tech sector. Most tech stocks heading into earnings look like a small pump, followed by a decent sized retracement.
Potentially this, it would allow for some great movements, and trade setups.
SPOTIFY: Enormous upside potential.Spotify opened on a huge price jump following the much better than expected EPS and is approaching the July 19th High (182.65). Technically it turned bullish on its 1D outlook (RSI = 65.875, MACD = 1.600, ADX = 16.057) and a new long term uptrend seems secured as yesterday's rebound started after a clear hit and bounce on the HL trendline.
Price wise it looks like the arc pattern of November 2022-January 2023, which after the Resistance break, reached as high as the 2.0 Fibonacci extension. We have every reason to expect a similar long term rise to Fib 2.0 (TP = 235.00).
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SPOT Spotify Technology Options Ahead of EarningsIf you haven`t sold SPOT here:
Then analyzing the options chain and the chart patterns of SPOT Spotify Technology prior to the earnings report this week,
I would consider purchasing the 155usd strike price in the money Puts with
an expiration date of 2023-11-17,
for a premium of approximately $12.70.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
🔥 Bitcoin Spot ETF Approved: BUY THE RUMOR & SELL THE NEWS 🚨The BTC spot ETF has finally been approved, but will it result in the massive bullish pump that EVERYONE has been expecting.
My answer: No.
It's public knowledge that the Bitcoin spot ETF will be approved at some point now for months. Thus, most traders have already bought a position in anticipation.
Like nearly every ETH/BTC ETF news we got this year, I'm anticipating this to be a Sell The News event.
If there's something that I've learned over the years, it would be that if everyone expects a certain outcome, the opposite will often happen.
Yes, this is long-term great news for Bitcoin. However, I highly doubt we're going to see the massive shift in trend that people have been hoping for.
Nevertheless, I'm happy to be wrong, as a new high this year would definitely be against my expectation. The market has to prove it wants to go up first before I believe it.
Be warned.
$BTC weakening & comparison of Futures vs Spot, AGAINCRYPTOCAP:BTC is weakening further. Although the CMF shows TINY accumulation.
#BTC MACD histogram shows a slight neg divergence. This means that there is a decent chance MACD crosses over, negative.
Find it interesting that the Head & Shoulders neckline is right at the Nov 2022 bottom #Bitcoin trendline, blue dotted line.
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Now let's compare Futures vs Spot
RSI on spot CRYPTOCAP:BTC is much weaker compared to derivatives.
CMF shows huge differences between Futures vs Spot #BTC:
Futures Sold off & slow grind up vs Spot volatility
This was short covering vs Spike = false reading
Countless examples over the years on why using #bitcoin futures/derivatives charts is better, #crypto
$BTC gets great news, let's see how far it goesWas not going to post this but... Like clockwork, again.
We noticed a slight BULLISH bias for $BTC. Even mentioned that there's huge demand for #crypto related #stocks.
#BTC gets positive news today.
Grayscale wins lawsuit against SEC for #bitcoin Spot #ETF.
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Previous post (see profile for more info)
CRYPTOCAP:BTC is once again making case for BULLS short term.
We'll see.
4Hr RSI getting stronger & can be seen on daily.
Longer term #BTC has a GREAT case for bulls.
However, don't be naive.
Current area is not the best place for #bitcoin to build SUPPORT levels, 25k is much better, BUT it CAN!
Mapping Out Bitcoin's Next Spot Buy Zones!
📈 "Mapping Out Bitcoin's Next Spot Buy Zones! 🚀🔍 As the market evolves, strategic entry points are key. Consider these levels:
First Buy Zone: Around $23,500. A strong historical support level that could offer an attractive entry point.
DCA Opportunity: If possible, consider adding to your position between $19,120 - $20,000. Dollar-cost averaging (DCA) can help manage risk and capture potential dips.
Stay vigilant and patient as you navigate these potential buy zones. Remember, each move is a step towards building a resilient investment strategy. 📊💹 #Bitcoin #CryptoInvesting #BuyZones #DCA" 🚀🔍
SPOT TECH pivoting up LONGTrade idea on the the 2H chart. This is a confirmed reversal with a5 POC line
and 50% retracement in confluence for one target and the pivot high for
the second. I will play this with stock and also a put option for insurance.
90% of the money position in the stock and 10% in the put contract 10DTE.
ETHUSDT.P ETH is now testing the 50 Day MA.
Is under resistance and above 200 Day MA.
What will happen next ?
1. Hold 50 D MA and flip resistance to go higher ?
2. Lose 50 D MA and find support at 200 D MA ?
3. Chop-chop for some time ?
We will find out eventually
Take care
Live to trade another day