Spotify has reported a 30% rise in premium users to 108 million in Q2, slightly less than analysts had forecast, as revenue beat expectations, rising 31.5% YoY to €1.7bn ($1.9bn). The lower subscriber numbers pushed Spotify shares down 5%. CEO Daniel Ek said lost ground would be made up before daily. Even so, revenue from premium subscribers rose 9% to €1.5bn. The number of the end of the year active users rose 29% to 232 million, beating expectations. The firm has recently expanded its services to South Africa, the Middle East and India.
Spotify has reported a 30% rise in premium users to 108 million in Q2, slightly less than analysts had forecast, as revenue beat expectations, rising 31.5% YoY to €1.7bn ($1.9bn). The lower subscriber numbers pushed Spotify shares down 5%. CEO Daniel Ek said lost ground would be made up before the end of the year. Even so, revenue from premium subscribers rose 9% to €1.5bn. The number of daily active users rose 29% to 232 million, beating expectations. The firm has recently expanded its services to South Africa, the Middle East and India.