Spotify's number of monthly active users has passed the 500 million mark for the first time, according to the company's latest earnings report.
In the first quarter, the Swedish audio streamer beat expectations for
monthly active users and premium subscribers. It's also forecasting
higher-than-expected Q2 user growth.
- Spotify now has over 515 million monthly active users, a 22% gain from the same period last year.
- Its 210 million premium subscribers were up 15% YoY. Most of its revenue comes from paid subscriptions.
- In Q1, Spotify's ad revenues came in at €329M ($360M), up 17% over the same quarter the year before.
- Spotify
posted a net operating loss of €156M ($172M), much higher than the €6M
($6.6M) loss from the year-ago period but less than the €270M ($297M)
Spotify reported in the prior quarter.
- Its overall Q1 revenue of €3.04B ($3.34B) was 14% higher year-over-year but 4% lower quarter-over-quarter.
- In January, Spotify said it was cutting 6% of its workforce or nearly 600 employees. At the time, CEO Daniel Ek said the platform is "fundamentally changing how we operate at the top."
