1st-quarter Spotify revenue increased 20% to €3.6bn ($3.9bn), gross profit reached €1bn ($1.08bn), and the company achieved profitability.
Spotify's first-quarter revenue jumped 20% and gross profit topped €1 billion ($1.08 billion), helping the streaming company achieve profitability and put it on track to meet its 2024 growth target. Spotify reported €3.6 billion ($3.9 billion) in first-quarter revenue, up from €3.04 billion ($3.3 billion) a year ago, with gross profit rising 31% to €1 billion ($1.08 million) from €766 million ($833 million). Operating income also rose to a new quarterly high of €168 million ($180 million) from a €156 million loss a year ago. The company reported 615 million monthly active users (MAUs), with 239 million being premium subscribers, marking a 14% year-over-year growth.
April 22, 2024
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