Operating expenses at the company, which has been promising to focus on profitability, grew to reach €247 million, missing the company’s guidance of €129 million.
reported 551 monthly active users in its second quarter, adding 36 million from the previous quarter and hitting an all-time high for the company.
Additionally the music giant added 10 million paid subscribers, three million above its guidance forecast and a record for the second quarter, to reach 220 million. Still operating expenses at the company, which has been promising to focus on profitability, grew to reach €247 million, missing the company’s guidance of €129 million. The number was impacted by “charges related to our actions to streamline operations and reduce costs,” the company said. These charges had been excluded from Q2 guidance, Spotify said. Gross margins hit 24.1 percent, compared to guidance of 25.5 percent.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Britney Spears’ ‘Toxic’ Hits One Billion Streams on SpotifyThe milestone for the fan-favorite 2003 song comes just days after Spears dropped her new collab with will.i.am, “Mind Your Business.”
Read more »
It’s Spotify’s turn to increase pricesAfter Apple, Amazon, Tidal, and YouTube Music Premium.
Read more »
Spotify Finally Raises U.S. Premium Subscription PricesAs expected, Spotify has finally raised the price of its premium music-streaming subscription in the U.S. to $10.99 per month — the first such price hike since the service launched in the country i…
Read more »
Spotify raises the price of its Premium plans | EngadgetIt follows the lead of other music streamers' recent increases..
Read more »