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Spotify Reports Strong Q2 2024 Earnings, Shares Jump 7.2%
Jul 23, 2024, 10:25 AM
Spotify Technology S.A. released its financial results for the second quarter of 2024, reporting a 20% year-over-year increase in revenue to €3.8 billion. The company also saw a 14% rise in monthly active users (MAUs) to 626 million and a 12% increase in paid subscribers to 246 million, surpassing the estimated 245.2 million. Spotify's earnings per share (EPS) stood at €1.33, exceeding the estimated €1.05. The gross margin improved by 510 basis points to 29.2%, and gross profit rose by 45% year-over-year to €1.112 billion. The company also reported an operating income of €266 million, a significant turnaround from the -€247 million in the same quarter last year. CEO Daniel Ek highlighted the company's innovation and business growth, noting that Spotify's performance has exceeded expectations. The subscriber growth followed recent price increases. Following the earnings report, Spotify shares jumped as much as 7.2% in pre-market trading.
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