Spotify: more subscribers than expected in Q2
(CercleFinance.com) - Spotify attracted more subscribers than expected in Q2, a performance that enabled it to generate a 'record' level of profitability.
The online music specialist announced on Tuesday that it now had some 626 million monthly active users, 14% more than a year earlier.
The number of paying members meanwhile rose by 12% to 246 million, compared with the Swedish group's initial target of 245 million.
Including the effect of subscription price increases, sales climbed by 20% to E3.8bn, with a gross margin of 29.2% and operating profit of $266m.
Listed on the New York Stock Exchange, the stock rose 12% on Tuesday in the wake of this better-than-expected publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The online music specialist announced on Tuesday that it now had some 626 million monthly active users, 14% more than a year earlier.
The number of paying members meanwhile rose by 12% to 246 million, compared with the Swedish group's initial target of 245 million.
Including the effect of subscription price increases, sales climbed by 20% to E3.8bn, with a gross margin of 29.2% and operating profit of $266m.
Listed on the New York Stock Exchange, the stock rose 12% on Tuesday in the wake of this better-than-expected publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.