Spotify Discontinues Car Thing Device, Shifts Focus to New User Features
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 24 2024
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Source: Benzinga
- Discontinuation of Car Thing: Spotify discontinued its debut hardware product, Car Thing, which allowed users to control Spotify through car speakers using voice recognition and preset buttons. The device will become inoperable on December 9.
- No Refunds Offered: Spotify does not offer refunds or subscription credits for Car Thing; instead, users are advised to dispose of the device responsibly.
- Focus on Streamlining Products: Spotify is streamlining its product offerings to focus on new features and enhancements for a better user experience, with no plans for a replacement for Car Thing.
- Financial Performance: In April, Spotify reported strong fiscal first-quarter 2024 revenue of $3.95 billion, up 20% year-on-year, beating analyst estimates. The company's EPS also exceeded expectations.
- Investment Opportunities: Despite the discontinuation of Car Thing, Spotify stock has gained over 107% in the last 12 months. Investors can access the stock through ProShares On-Demand ETF and WBI BullBear Quality 3000 ETF.
Analyst Views on OND
Wall Street analysts forecast OND stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for OND is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
