Spotify results beat estimates as more users tune in

Spotify results beat estimates as more users tune in [ad_1]

STOCKHOLM – Spotify Technology SA beat Wall Street estimates for first-quarter income and paid subscribers on Wednesday, as the music streaming firm launched in newer markets and recorded person progress in international locations such as the United States and India.

Premium subscribers, which account for many of the firm’s income, had been up 21% to 158 million from a 12 months earlier. Analysts on common had been anticipating the corporate to have 157.5 million paid subscribers, in keeping with IBES knowledge from Refinitiv.

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Spotify, which launched its companies in 86 new international locations in the quarter, stated progress in the United States, Mexico, Russia, and India offset lower-than-expected progress in Latin America and Europe.

Revenue rose to 2.15 billion euros for the three months ended March 31, from 1.85 billion euros a 12 months earlier. Analysts had been anticipating income of two.14 billion euros.

The world’s hottest paid music streaming service, which has been boosting its podcast enterprise, on Tuesday launched a paid subscription platform for podcasters to problem an identical service unveiled by Apple.

Total month-to-month lively users rose 24% to 356 million.


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