Spotify's financial results for Q2 2024

Spotify Posts $210M Profit, Revenue at €3.64B; Stock Up 10%

Apr 23, 2024, 10:54 AM

Spotify has reported a significant turnaround in its financial performance for the first quarter of 2024, swinging to a net profit of €197 million ($210.0 million), or 97 euros cents a share, from a loss of €225 million in the same period last year. The company's revenue rose by 20% year-over-year to €3.64 billion, surpassing analysts' expectations of €3.61 billion. This improvement was driven by a 14% increase in premium subscribers, reaching 239 million. However, the total monthly active users (MAUs) of 615 million fell slightly short of the expected 617.9 million. The operating income for the quarter was €168 million. Following these results, Spotify's stock price rose by 10%.