Spotify reports more paid users, continued losses
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Spotify on Wednesday reported a $49 million Q1 operating loss, in its first earnings report since going public last month via a direct listing.
Bottom line: Spotify's numbers were mostly in line with analyst estimates, but the company's stock is still taking an early aftermarket dive.
- Revenue: $1.36 billion, up 26% year-over-year but down 1% quarter-over-quarter.
- Monthly active users: 170 million, up 30% year-over-year and 8% quarter-over-quarter.
- Paid subscribers: 75 million, up 45% year-over-year and 7% quarter-over-quarter. For context, Apple Music has around 40 million paid subscribers.