TECH - Music Giant Spotify's Q1 Surprise: Investors Cheer Premium Subscriber Growth And Profit Bump | Benzinga
Spotify Technology SA (NYSE:SPOT) reported fiscal first-quarter 2024 revenue growth of 20% year-on-year to €3.64 billion ($3.95 billion), beating the consensus of $3.85 billion. EPS of €0.97 ($1.05) beat the consensus of $0.70.
Premium Revenue grew 20% year over year to €3.25 billion, helped by subscriber additions and ARPU increases.
Total MAUs (Monthly Active Users) rose 19% Y/Y to 615 million , which missed its guidance by 3 million. A "moderated marketing activity" led to "more normalized growth" following 2023's record performance, the Variety cites Spotify.
The lower-than-expected MAU growth also came ...