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Spotify Turns in Record Profit in Q2, Grows Premium Subscribers to 246 Million
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variety.comTodd Spangler NY Digital Editor Helped by cost-cutting measures include a mass layoff, Spotify posted a record profit in the second quarter of 2024 that topped expectations.
The music and audio streaming giant gained 7 million paid subscribers in the period, slightly ahead of guidance, while total monthly users fell short of its target.
Spotify reported Q2 revenue of €3.81 billion, up 20%, and a net profit of €274 million, versus a net loss of -€302 million in the year-earlier period.
The company’s operating costs declined 16% in Q2 due mostly to “a decrease in personnel and related costs and lower marketing spend.” Gross margin for the period was 29.2% (ahead of guidance), compared with 24.1% in the year-earlier period.
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