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Spotify Q1: 239M Premium Subscribers, Stock Surges 16.8%
Apr 23, 2024, 04:50 PM
Spotify reported its first-quarter financial results, revealing a mixed performance with 615 million monthly active users (MAUs), which fell short of its own estimates due to reduced marketing efforts. Despite this, the company achieved a profit and saw a 14% year-over-year increase in premium subscribers, reaching 239 million. The results also showed strong revenue growth and an expanding gross margin, leading to the largest operating income Spotify has ever posted. CEO Daniel Ek highlighted 2024 as a 'year of monetization,' expressing confidence in the company's strategy. Following the earnings release, Spotify's stock price surged, reflecting investor optimism, with shares up 16.8% for the day.
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