Spotify posted a record quarterly profit slightly ahead of analyst expectations on Tuesday, pushing its shares up more than 14% in premarket trading.
In the second quarter of 2024, the number of paying Spotify subscribers rose to 246 million, slightly above expectations.
Profit rose 45% from a year earlier to 1.11 billion euros ($1.21 billion), slightly above analysts' expectations for 1.07 billion euros.
Revenue rose 20% to 3.81 billion euros for the second quarter of 2024, fractionally below analysts' estimates of 3.82 billion euros.
Spotify previously said it aimed to reach 631 million monthly active users (MAUs), but only reached 626 million for the quarter.
Persons:
Daniel Ek, Simon Dyson, it's
Organizations:
Spotify, Reuters
Locations:
Swedish, LSEG