Spotify's first full earnings period during the COVID-19 pandemic are in, and by most measures the globe's largest audio streamer has… met expectations.
Spotify logo is displayed on the screen of a smart phone on Jan. 1, 2020.
Total revenue in the second quarter was €1.89 billion , up 13% year over year but only 2% higher than Q1's €1.85 billion tally. The vast majority of Q2 revenue came from subscriber income, which grew 17% y/y to €1.76 billion , meeting the company's earlier guidance. Due to the effects of COVID-19, ad-supported revenue dropped 21% during the quarter to €131 million — though CEOSpotify's share price fell to 6% $251.03 on Wednesday morning from Thursday's $267.
The firm's net loss also ballooned to €356 million , compared to €76 million in the year-ago period. Spotify's premium average revenue per user was down 7% y/y to €4.41 with the dominant driver being"product mix." Operating expenses totaled €646 million for the quarter, up 48% y/y and well above forecast, the firm said. Spotify currently has 6,049 full time employees globally.
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