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Spotify's user growth beats expectations, posts quarterly profit

Economic Times · 1y

Spotify reported strong user growth, surpassing expectations with quarterly profit and increased forecasted monthly listeners. The company's operating income for Q3 2023 was 32 million euros, supported by higher gross margin and reduced costs. The number of monthly active users rose to 574 million, while premium subscribers reached 226 million. Spotify's revenue for the quarter was 3.36 billion euros, driven by growth in music and podcast advertising. With a positive outlook, the company aims to reach 1 billion users and $100 billion in annual revenue by 2030.