Spotify: more subscribers than expected in Q2

(CercleFinance.com) - Spotify attracted more subscribers than expected in the second quarter, 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 3.8 billion euros, with a gross margin of 29.2% and operating profit of $266 million.

Listed on the New York Stock Exchange, the stock gained over 12% in early trading on Tuesday morning in the wake of this better-than-expected publication.

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