Spotify: active users on the rise, but losses widen
(CercleFinance.com) - Spotify Technology reported that its second-quarter losses have widened as operating expenses significantly increased.
The music streaming service reported an operating loss of 90 million euros for the past quarter, as against 79 million euros in the same period a year earlier.
The number of monthly active users grew 30% to 180 million at the end of the second quarter, mostly because of growth in Latin America, the company said.
Premium subscribers grew to 83 million, up 40%.
As a result, total revenue jumped by 26% to 1.27 billion euros, Spotify said.
However, operating expenses totalled 419 million euros in the quarter, up from 311 million euros in the second quarter of 2017.
For the third quarter, the group said it expects monthly active users between 188 and 193 million, with an operating loss between 10 and 90 million euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The music streaming service reported an operating loss of 90 million euros for the past quarter, as against 79 million euros in the same period a year earlier.
The number of monthly active users grew 30% to 180 million at the end of the second quarter, mostly because of growth in Latin America, the company said.
Premium subscribers grew to 83 million, up 40%.
As a result, total revenue jumped by 26% to 1.27 billion euros, Spotify said.
However, operating expenses totalled 419 million euros in the quarter, up from 311 million euros in the second quarter of 2017.
For the third quarter, the group said it expects monthly active users between 188 and 193 million, with an operating loss between 10 and 90 million euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.