Spotify Posts 11% Revenue Boost & Reverses Previous Quarter’s Operating Loss
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deadline.comRevenues at Spotify jumped by 11% last quarter as the audio giant was able to stem the flow of operating losses from Q2. The Sweden-headquartered outfit’s Q3 turnover shot up to €3.36 billion ($3.57 billion), an 11% year-on-year boost and 6% rise from the prior quarter.
Total monthly active users also rose by an impressive 26% to 574 million, coming at a time when Spotify, as with other major platforms, has increased prices.
Subscribers to the premium tier also grew by 16% to 226 million year-on-year, which Spotify said was 2 million above guidance.
In good news for shareholders, Spotify posted a small operating profit of €32 million, reversing the vast losses of the previous quarter, which totalled €247 million.
Read more on deadline.com
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