Spotify swings to profit, paying subscribers rise
The Peninsula
Stockholm: Music and podcast streaming giant Spotify reported Tuesday an increase in the number of paying subscribers and a rare but lower than expect...
Stockholm: Music and podcast streaming giant Spotify reported Tuesday an increase in the number of paying subscribers and a rare but lower-than-expected operating profit for the first quarter.
The company posted a "new quarterly high" operating profit of 168 million euros ($179 million) -- a turnaround from a loss of 156 million euros over the same period last year.
But the figure was lower than its guidance of 180 million euros.
Spotify said the operating profit had been impacted by higher-than-expected payroll taxes which are tied to share-based compensations.
The audio group said it had 615 million active users at the end of the quarter, just short of its guidance of 618 million.
