Spotify Records A Rare Net Profit in the First Quarter

Music streaming service Spotify posted a net profit of 23 million euros in the first quarter.

 

It is only the fifth time that the Swedish market leader can present green figures. Last year, a loss of 145 million euros was recorded in the first quarter.

Spotify owes the quarterly profit to the paradoxical effect of the recent fall in the share price on the New York stock exchange, which caused labour costs to fall.

The number of Spotify users rose to 356 million, of which 158 million paid (an increase of 21 percent year-on-year). Turnover increased by 16 percent to 2.15 billion euros.

At the same time, the Swedish music streaming service slightly lowered its expectations for this year. The company expects to land on 422 million users by the end of the year.

Before that, there was still talk of 427 million. Expectations for the number of paying subscribers remained stable at 184 million.

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