10/29/2020, 11:02 AM (Source: TeleTrader)
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Spotify's monthly active users up 29% to 320M in Q3

Spotify Technology S.A. said on Thursday that the number of its total monthly active users (MAU) in the third quarter of 2020 jumped by 29% year-on-year to 320 million users.

The music streaming service added that it had 144 million premium subscribers at the end of the third quarter, up by 27% compared to the same period a year ago. Meanwhile, the number of ad-supported MAUs grew by 31% from last year to 185 million.

Total revenue surged 15% to €1.98 billion compared to the same period a year ago and the company's gross profit was up by 11% to €489 million. Spotify's operating loss in the three-month period stood at €40 million, down from an operating income of €54 million in the third quarter of 2019. Net loss was €101 million, or €0.58 per share.

Spotify's stock gained 0.4% in pre-market trading after the release of the results.

Breaking the News / NP