7/27/2022, 12:03 PM (Source: TeleTrader)
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Spotify monthly active users up 19% to 433M in Q2

Spotify Technology SA said Wednesday that the number of its total monthly active users (MAU) in the second quarter of 2022 jumped by 19% year-on-year to 433 million users. On a quarterly basis, the number of users increased by 3%.

The company noted in its report that almost all of its key metrics beat forecasts for Q2'22. In that sense, the number of premium subscribers rose by 14% to 188 million users, while the number of ad-supported MAU grew by 31% year over year to 360 million. Financially, Spotify declared a 23% growth in revenue to €2.9 billion and an increase of 6% in gross profit to €704 million.

However, Spotify also announced the "intention to reduce hiring growth for the back half of 2022 by 25%" and also mentioned it is "monitoring macroeconomic conditions."

Spotify shares were up 2.91% at 6:10 am ET during pre-market hours and after the reports release to sell for $107.

Baha Breaking News (BBN) / JG