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Paul Vogel - 3 Daniel Ek - 2 Supantha Mukherjee - 2 Paul Vogel Paul Vogel - 1 Rich Greenfield - 1 Eric Gaillard - 1 Vogel - 1 Kirsten Donovan - 1
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☆ Spotify price increases rarely impact subscriber churn, says Spotify CFO Paul Vogel
  + stars: | 2023-10-24 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpotify price increases rarely impact subscriber churn, says Spotify CFO Paul VogelPaul Vogel, Spotify chief financial officer, joins 'Squawk on the Street' to discuss the company and surprise profit gain.
Persons: Paul Vogel Paul Vogel Organizations: Spotify
☆ Spotify stock jumps 10% as cost-cutting boosts streamer to first quarterly profit in a year
  + stars: | 2023-10-24 | by ( Drew Richardson | ) www.cnbc.com   time to read: +2 min
Spotify shares jumped 10% on Tuesday after the company reported a surprise profit for the third quarter — its first quarterly profit in a year and a half — as price increases and cost-cutting measures took hold. The Swedish music streaming giant posted a profit of 65 million euros ($68.9 million), driven by "lower marketing spend and lower personnel costs and related costs." Earlier this year, Spotify laid off 200 people, or 2% of its workforce, as part of a strategic change in its podcasting unit. The company had 574 million monthly active users in the quarter, compared with 572.1 million estimated, according to StreetAccount. Monthly active users drove 447 million euros of ad-supported revenue, the company reported, an increase of 16% year over year.
Persons: Paul Vogel, Rich Greenfield Organizations: Spotify, LSEG, Twitter Locations: Swedish, Australia, U.S
☆ Spotify posts quarterly profit, user growth beats expectations
  + stars: | 2023-10-24 | by ( Supantha Mukherjee | Thomson Reuters | Supantha Leads The European Technology | ) www.reuters.com   time to read: +2 min
The company posted a third-quarter operating income of 32 million euros ($34.1 million), its first quarterly profit since 2021, helped by a higher gross margin and lower marketing and personnel costs. "We believe moving forward, we should see pretty consistent growth in our operating income," its Chief Financial Officer Paul Vogel said. It forecast operating income of 37 million euros in the current quarter. Revenue rose 11% to 3.36 billion euros, beating estimates of 3.33 billion. Analysts were expecting a forecast of 232.4 million premium subscribers and revenue of 3.69 billion euros.
Persons: Eric Gaillard, Paul Vogel, Daniel Ek, Vogel, Supantha Mukherjee, Kirsten Donovan, Jan Harvey Organizations: Spotify, Cannes Lions International, Creativity, REUTERS, Companies, Reuters, Thomson Locations: Cannes, France, STOCKHOLM, LSEG, Stockholm
☆ Spotify's user growth beats expectations, revenue misses
  + stars: | 2023-07-25 | by ( Supantha Mukherjee | Thomson Reuters | Supantha Leads The European Technology | ) www.reuters.com   time to read: +2 min
The number of monthly active users rose to 551 million in the second quarter, beating Spotify's guidance and analysts' forecast of 526.8 million. Premium subscribers, who account for most of the company's revenue, rose 17% to 220 million, topping estimates of 216.6 million, according to IBES data from Refinitiv. However, quarterly revenue was 3.18 billion euros ($3.51 billion), below analysts' estimate of 3.21 billion euros. REUTERS/Brendan McDermid/File Photo"If we have user growth, the revenue growth eventually comes - that's the lesson been learned at Spotify and we have seen it over and over," Ek said. Spotify expects premium subscribers to reach 224 million this quarter and revenue of 3.3 billion euros.
Persons: Daniel Ek, Brendan McDermid, Ek, Paul Vogel, Supantha Mukherjee, Louise Heavens, Mark Potter Organizations: Spotify, New York Stock Exchange, REUTERS, Thomson Locations: STOCKHOLM, New York, U.S, Stockholm
☆ Spotify shares jump on bullish outlook as more users tune in
  + stars: | 2023-01-31 | by ( Supantha Mukherjee Dawn Chmielewski | Supantha Mukherjee | Dawn Chmielewski | ) www.reuters.com   time to read: +3 min
Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Analysts were expecting 202 million subscribers and revenue of 3.05 billion euros. Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually. "Spotify will double down on things that worked well and stop doing the things that don't work," he said. In 2023, the company expects revenue to begin to grow faster than operating expenses, which have jumped due to headcount growth and higher advertising costs.
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