Spotify: positive OP in Q3
(CercleFinance.com) - Spotify announced on Tuesday that it had posted an operating profit for Q3, thanks to a stronger-than-expected increase in its paying subscriber base.
The Swedish online music specialist said it had attracted six million new paying users over the quarter, two million more than its initial forecast for the quarter.
The number of active users rose by 26% to 574 million, again exceeding its targets.
Sales rose by 11% to E3.4bn, exceeding forecasts and generating an operating profit of E32m.
After expanding into podcasts, the group now intends to expand its audiobook offering, with over 150,000 titles available to paying subscribers in the USA, Canada, the UK, Ireland, Australia and New Zealand.
Listed on the New York Stock Exchange, the stock was expected to rise by 3.5% after this publication.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The Swedish online music specialist said it had attracted six million new paying users over the quarter, two million more than its initial forecast for the quarter.
The number of active users rose by 26% to 574 million, again exceeding its targets.
Sales rose by 11% to E3.4bn, exceeding forecasts and generating an operating profit of E32m.
After expanding into podcasts, the group now intends to expand its audiobook offering, with over 150,000 titles available to paying subscribers in the USA, Canada, the UK, Ireland, Australia and New Zealand.
Listed on the New York Stock Exchange, the stock was expected to rise by 3.5% after this publication.
Copyright (c) 2023 CercleFinance.com. All rights reserved.