Spotify revenue jumps 14% to €4.78 billion
- Spotify reported €4.78 billion in second-quarter revenue and €545 million in net income.
- Spotify shares fell 2.8% to $486.33 in premarket trading.
- The company forecasts 788 million monthly users and €5 billion in third-quarter revenue.
Spotify Technology (NYSE:SPOT) reported second-quarter revenue of €4.78 billion, net income of €545 million and 300 million premium subscribers.
Revenue matched Spotify’s forecast, while premium subscribers beat guidance by one million and monthly active users missed its 778 million target by one million.
Net income reversed a €86 million loss from one year earlier, while earnings reached €2.61 per share and operating income totalled €655 million.
Gross margin reached a record 33.4%, while Spotify said it expects 788 million users, 305 million subscribers and about €5 billion in third-quarter revenue.
Following the announcement, Spotify's share price was down 2.8% at $486.33 in premarket trading.
Spotify ended the first quarter with 761 million monthly users, 293 million premium subscribers, €4.53 billion in revenue and €715 million in operating income.
At its May investor day, Spotify said it is targeting mid-teens revenue growth, a 35%–40% gross margin and an operating margin above 20%.
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