Popular music streaming platform Spotify had a strong quarter with good results in several areas. Monthly active users rose 27% to 551 million. More importantly, his 36 million net user additions far surpassed his 21 million projections, the highest in the company’s history.
the good news continues Subscribers increased by 17% compared to the previous year, reach the figure of 220 million. He added 10 million net subscribers, 3 million more than expected, making the second quarter the fastest growing period in the company’s history.
In terms of total revenue, Spotify scored totaled 3.2 billion euros, an increase of 11% year-on-year, Consistent with company forecasts. Importantly, Spotify expected to incur certain expenses in the second quarter related to its efforts to optimize the efficiency and strength of its business. However, these charges are excluded from the company’s quarterly forecasts. Excluding charges related to actions taken to streamline operations and reduce costs in the quarter, adjusted gross margin was 25.5%, in line with expectations.
In addition, adjusted operating loss of €112 million was better than the company’s expectations and does not include charges related to actions taken during the quarter to streamline operations and reduce costs. These positive results are a sign of significant growth and strength for Spotify, and demonstrate the continued success and popularity of his platform for music streaming among audiences. With active users and subscriber numbers growing, the company appears to be on the right track to maintain its preeminent position in the online music entertainment industry.