Bean Capital Limited - Spotify Exceeds Predictions for New Subscribers and Total Listeners

GUERNSEY, Virgin Islands, British - June 7, 2023 - PRLog -- In the March quarter, the Stockholm-based corporation attracted 5 million premium users. Analysts predicted that 2.23 million additional customers will sign up. SPOT has 210 million paying customers globally at the conclusion of the month.

Furthermore, SPOT had 515 million monthly active users in the first quarter, compared to Wall Street's forecast of 502 million. Spotify, in addition to its commercial-free subscription service, provides an ad-supported option. Its monthly active users increased by 22% year on year.

SPOT announced on March 8^th that it has reached a half-billion listener milestone in the first quarter.

SPOT Shares Rise Following Quarterly Report.

Spotify expects to gain 7 million net new premium customers in the current quarter. In addition, it anticipates reaching 530 million total monthly active users in the June quarter.

SPOT shares rose 5.1% today to settle at $138.20 on the stock exchange.

In the March quarter, the audio entertainment provider lost $1.24 per share on $3.26 billion in revenue. SPOT's financial results are reported in Euros. FactSet surveyed analysts, who projected SPOT would lose $0.95 cents per share on $3.4 billion in revenue.

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