Streaming giant Spotify (SPOT.N) on Tuesday reported quarterly monthly active users and subscribers ahead of expectations as it grew in all regions, and forecast that the number of monthly listeners would reach 601 million in the final three months of 2023.
A logo of Spotify is seen on a beach during the Cannes Lions International Festival of Creativity in Cannes, France, June 20, 2023. REUTERS/Eric Gaillard/File Photoon Tuesday reported quarterly monthly active users and subscribers ahead of expectations as it grew in all regions, and forecast that the number of monthly listeners would reach 601 million in the final three months of 2023.
Its gross margin rose to 26.4% in the July-September period, up 166 basis points from the year-earlier period. Premium subscribers, who account for most of the company's revenue, rose 16% to 226 million, topping estimates of 223.7 million, according to IBES data from LSEG.Ad-Supported revenue grew 16% from a year earlier as music advertising revenue re-accelerated, driven by growth in impressions sold and stable pricing, the company said. Podcast advertising also grew by double digits.
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