Spotify users top expectations thanks to Gen Z listeners
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Spotify Technology SA, the Swedish audio streaming platform, beat analyst expectations in its second-quarter results with its total active users rising 27% to 551 million.
The company cited strong growth in all regions and among younger Gen Z listeners.
Premium subscribers rose 17% to 220 million, the company said Tuesday in a statement. That was ahead of the 217.1 million average of analysts estimates compiled by Bloomberg. Revenue, at €3.18 billion, was slightly below expectations.
The company's adjusted operating loss was €112 million, beating analysts' estimates for a loss of €127.4 million.
The company forecast 572 million active users for its third quarter, 224 million of them premium subscribers. It forecast sales of €3.3 billion for the period.
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