Spotify Hits 290 Million Premium Subscribers in Q4
Shares of Spotify jumped 12% in pre-market trading on Monday after the company saw improved profitability and user growth in its fourth quarter.
The music streaming giant added 9 million premium subscribers for a total of 290 million, or 10% growth year over year. Total monthly active users (MAUs) grew by a record 38 million, or 11%, to 751 million, while ad-supported MAUs grew 12% to 476 million. Premium revenue grew 8% to €4.01 billion, while ad-supported revenue fell 4% to €518 million.
Here are the quarter’s results:
Net income: A profit of €1.17 billion, compared to a profit of €899 million a year ago.
Earnings Per Share: $4.43 per diluted share, compared to $2.85 per share expected by analyst estimates compiled by Yahoo Finance.
Total revenue: €4.53 billion, compared to $4.52 billion expected by analyst estimates compiled by Yahoo Finance.
Operating income: €701 million, compared to €582 million a year ago.
In January, a selection of sports, culture, lifestyle and true crime video podcasts from Spotify Studios and The Ringer made their debut on Netflix in the U.S., with other market to follow.
More to come…
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