Spotify: fourth-quarter results above company's expectations
(CercleFinance.com) - Swedish music streaming company Spotify said its fourth-quarter results exceeded its own expectations, with operating profit, net profit and free cash flow all positive for the first time in the company's history.
The New York-listed company said net profit rose to 442 million euros in the last three months of 2018, compared to just 43 million euros in the same period of 2017.
Quarterly revenue grew by 30% to 1.5 billion euros, with monthly average users (MAUs) up 29% at 207 million, which beat the high end of its forecast range of 199/206 million.
For the first quarter of 2019, Spotify said it expects between 215 million and 220 million monthly active users, up by 24% to 27%.
Spotify also said that it has entered into definitive agreements to acquire the independent podcast content producer Gimlet and podcast publisher Anchor. The terms of these transactions have not been revealed.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The New York-listed company said net profit rose to 442 million euros in the last three months of 2018, compared to just 43 million euros in the same period of 2017.
Quarterly revenue grew by 30% to 1.5 billion euros, with monthly average users (MAUs) up 29% at 207 million, which beat the high end of its forecast range of 199/206 million.
For the first quarter of 2019, Spotify said it expects between 215 million and 220 million monthly active users, up by 24% to 27%.
Spotify also said that it has entered into definitive agreements to acquire the independent podcast content producer Gimlet and podcast publisher Anchor. The terms of these transactions have not been revealed.
Copyright (c) 2019 CercleFinance.com. All rights reserved.