Spotify shares dip after third-quarter earnings report

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Spotify shares fell about 7% prolonged trading Tuesday following reporting a third-quarter reduction that was broader than analyst anticipations.

Here is how the business did:

  • Decline per share: 99 euro cents vs. an believed loss of 85 euro cents per share as expected by analysts, in accordance to Refinitiv
  • Earnings: 3.04 billion euros vs. 3.02 billion expected by analysts, according to Refinitiv

Spotify noted 456 million every month energetic buyers for the quarter, up 20% yr about 12 months, and 195 million compensated subscribers, up 13% from a year in the past.

In its second-quarter report, Spotify had reported it expected to add around 17 million new month-to-month lively customers in the interval, bringing its whole to 450 million. It had also predicted its revenue to raise to 3 billion euros ($3 billion) and to submit 194 million compensated subscribers in the quarter.

Spotify is continuing to commit in promoting, and its advert-supported earnings grew 19% calendar year in excess of year and designed up 13% of whole profits. The corporation mentioned progress was driven by podcasting.

Spotify launched podcasts in 2015, and it is now home to much more than 4.7 million of them, according to the report. In September, the enterprise announced that its US listeners are now equipped to purchase and listen to extra than 300,000 distinct audiobook titles, marking its hottest attempt to transform its platform a one particular-stop-store for all issues audio.

Spotify held its quarterly earnings call with buyers at 4:30 pm ET Tuesday.

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