FT News Briefing

Spotify grows up

Apr 24, 2024

11:35

Snipd AI

Tesla reports revenue decline, Spotify enters mature era, FTC bans non-compete agreements. International investors rush into Egypt's debt after $55bn bailout. Latin American cocoa farmers expand planting. Podcast discusses financial results, Spotify's strategy shift, Egypt's economic bailout, and cocoa supply shifts.

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Quick takeaways

Tesla faces revenue decline due to reduced vehicle sales, while Spotify achieves record profit by prioritizing profitability and cost-cutting strategies.

Deep dives

Tesla's Shares Rise Despite Declining Revenue and Workforce Cuts

Tesla recently faced a considerable drop in revenue, marking its first year-on-year quarterly decline since 2020 due to reduced vehicle deliveries, necessitating price cuts and a 10% job cut. Despite this, Tesla experienced a significant surge in share value following the announcement of an accelerated launch for more affordable car models, offering a much-needed boost after a 40% decrease in share value since the year began.

Introduction

3min

Analysis of Spotify's Business Strategy Evolution

2min

Updates on Spotify's Changes, US Non-compete Ban, and Egypt's Economic Bailout

5min

Economic Developments in Egypt and Cocoa Supply Shifts

3min

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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