Swedish music streaming firm Spotify on Wednesday reported higher-than-expected revenue for the second quarter, as results were underpinned by a 14% growth in paying subscribers.
Total revenue rose 23% year-on-year to EUR 2.9 billion ($2.94 billion), while outstripping a consensus of analyst estimates of EUR 2.8 billion.
The number of premium subscribers, from whom Spotify generates a larger part of its revenue, went up to 188 million in the second quarter, also exceeding Wall Street estimates of 187 million.
At the same time, Spotify’s total monthly active users increased 19% year-on-year to 433 million in the quarter, while market consensus had pointed to 428 million users.
The number of the company’s podcast listeners hit a record during the quarter, with 4.4 million podcasts available to choose from.
For the current quarter, Spotify forecasts 194 million paid subscribers, in line with analyst estimates, and EUR 3 billion in revenue, compared with market consensus of EUR 2.95 billion.
The shares of Spotify Technology SA closed higher for the sixth time in the past ten trading sessions in New York on Wednesday. It has also been the sharpest single-session gain since January 31st. The stock went up 12.16% ($12.64) to $116.61, after touching an intraday high at $121.62. The latter has been a price level not seen since April 21st ($126.40).
The shares of Spotify Technology have retreated 50.17% so far this year, following another 25.62% loss in 2021.
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