Speed was signed for Newcastle United on 6 February 1998 by Kenny Dalglish, for a fee of £5.5 million. He made his debut as a starter in a 1–0 home Premier League defeat to West Ham United the next day. His first goal came in his fifth match, the sixth round proper of the 1997–98 FA Cup. At home to Barnsley, he scored the second goal of a 3–1 home win with a 27th-minute strike. His only league goal of the 1997–98 season came in a 3–1 home win over Chelsea in the penultimate league match on 2 May, with Newcastle's third in the 59th minute. He finished the season by playing the 1998 FA Cup Final, which Newcastle lost 2–0 to Arsenal on 16 May.