Spotify made its first profit in 2023 – Kommersant
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Today, October 24, Swedish streaming service Spotify reported, that in the third quarter its total revenue reached €3.4 billion, which is 11% more than in the same period last year. The company’s net profit amounted to €65 million, this is the first quarterly profit this year. A year earlier, Spotify recorded a loss of €166 million, and in the second quarter of this year the loss amounted to €302 million.
Spotify’s quarterly results significantly outperformed forecasts analysts – revenue per share amounted to €0.33, while analysts expected a loss of €0.2. The company’s results were largely due to a 13% reduction in costs compared to the third quarter of last year, increased advertising revenue and a significant increase in monthly audience – by 26%, to 574 million people worldwide. European users now make up 28% of Spotify’s audience, Latin American users make up 21%, North American users make up 19%, and the remaining 32% is shared by other regions of the world.
After the publication of the quarterly report, Spotify shares rose 8.7% in Nasdaq trading.
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