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7/29/2020, 12:09 PM (Source: TeleTrader)
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Spotify reports Q2 revenue of €1.67B, up 13% YoY

Spotify Technology S.A reported on Wednesday that its revenue amounted to €1.667 billion in the second quarter of 2020, a 13% increase from the same period a year ago.

The company recorded diluted loss per share attributable to owners of the parent company of €1.91 in the second quarter of 2020, compared to €0.42 loss per share recorded in the same trimester last year. Its operating loss amounted to €167 compared to a loss of €3 million in the same period in 2019. Net loss for the second quarter attributable to owners of the parent stood at €356 million, compared to a net loss of €76 million from the same period in 2019.

At the same time, the international media company said the number of monthly active users rose by 29% annually to 299 million. The company stated that as of June 30, global consumption hours have recovered to pre-COVID levels.

After the earnings report, Spotify shares fell by 2.76% to $259.74 at 6:16 am ET.

Breaking the News / TF