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Spotify Q1 revenues rise, but user numbers miss estimates

Tue 23 April 2024 11:42 | A A A

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(Sharecast News) - Music streaming service Spotify missed its own active user estimates in the first quarter but reported a 20% rise in revenue.

Monthly active users (MAUs) were up 19%, but below Spotify's guidance of 618 million. It also forecast second-quarter MAUs at 631 million, missing estimates of 636.3 million.

Premium subscribers, who pay for their music to be streamed ad-free, rose 14% to 239 million, in line with estimates. Revenue in the quarter increased 19.5%, to 3.64bn Operating income improved to a new quarterly high of 168m, while net income came in at 197m million, compared with a loss of 225m a year ago.

Spotify expects current quarter revenue of 3.8bn, above expectations of 3.76bn.

Reporting by Frank Prenesti for Sharecast.com

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