Salem Radio Network News Thursday, January 27, 2022

Science

Spotify’s quarterly revenue, paid user addition beat expectation

STOCKHOLM (Reuters) – Spotify Technology SA beat Wall Street estimates for third-quarter revenue on Wednesday, as the music streaming company reported a 19% jump in paid subscribers for its premium service driven by demand in Europe and North America.

Revenue rose to 2.50 billion euros ($2.91 billion) for the quarter from 1.98 billion a year earlier, above the 2.45 billion euros expected by analysts, according to IBES data from Refinitiv. Premium subscribers, which account for most of the company’s revenue, hit 172 million, beating analysts’ expectations of 171.7 million.

Total monthly active users rose 19% to 381 million.

“While we have been relentless in our pursuit of being the world’s largest audio platform, it’s still early days and we are just getting started,” Chief Executive Daniel Ek said in a statement.

($1 = 0.8593 euros)

(Reporting by Supantha Mukherjee in Stockholm; Editing by Johan Ahlander)

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