Spotify’s Q2 revenue is USD 2.9 billion, increased 23% year-on-year

Streaming music service provider Spotify today released its second quarter 2022 financial report. According to the financial report, Spotify’s total revenue in the second quarter was 2.864 billion euros (about 2.906 billion US dollars), a year-on-year increase of 23%. The net loss was 125 million euros ($127 million), compared with a net loss of 20 million euros a year earlier.

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Second quarter financial results:

Total revenue was 2.864 billion euros (about 2.906 billion U.S. dollars), an increase of 23% year on year. Among them, paid service revenue was 2.504 billion euros, a year-on-year increase of 22%. Advertising sponsorship revenue was EUR 360 million, an increase of 31% year on year.

• Gross profit was EUR 704 million, up 6% year-on-year.

• Gross profit margin was 24.6%, compared to 28.4% a year earlier.

• Operating loss was 194 million euros, compared with an operating profit of 12 million euros a year earlier.

• Operating expenses increased 38% year over year.

The net loss attributable to shareholders of the company was EUR 125 million, compared with a net loss attributable to shareholders of the company of EUR 20 million in the same period last year and a net loss attributable to shareholders of the parent company of EUR 131 million in the first quarter of this year.

Second quarter operating results:

MAU (monthly active users) was 433 million, up 19% year over year, up from 422 million in the first quarter and 5 million above the company’s guidance. The number of paying subscribers reached 188 million, up 14% year over year, compared to 182 million in the previous quarter.

Performance Outlook:

Spotify expects, in the third quarter of 2022:

• The number of monthly active users (MAU) will reach 450 million;

• The number of paying users will reach 194 million;

• The total revenue will reach EUR 30;

• Gross profit margin will reach 25.2%;

• Operating losses will amount to EUR 218 million.

(via)