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Spotify Monthly Active Users Hit 356 Million, Falling Short Of Target; Revenue Up 16%; Podcast Listening Hits High
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deadline.comSpotify saw revenue grow 16% last quarter to €2.147 billion ($2.59 billion) fueled by a 46% jump in ad sales as podcast listening hit a high and monthly active users grew 24% to 356 million, including both free and paid.Premium subscribers increase 21%, as the company added nearly 4 million net new members to end the first three months of the year at 158 million.
Premium sub adds were at the top end of forecasts.Total MAUs however fell short of forecasts and Spotify stock was down nearly 8% in early trading.
Spotify said “meaningful contributions” from markets like the U.S., Mexico, Russia, and India was partly offset by lower than expected growth in Latin America and Europe.Net income was €23 million versus €1 million the year earlier.The
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