Wednesday, November 30, 2022
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Spotify (SPOT) earnings Q3 2022

Budrul Chukrut | LightRocket | Getty Photographs

Spotify shares fell about 7% prolonged buying and selling Tuesday after reporting a third-quarter loss that was wider than analyst expectations.

This is how the corporate did:

  • Loss per share: 99 euro cents vs. an estimated lack of 85 euro cents per share as anticipated by analysts, in keeping with Refinitiv
  • Income: 3.04 billion euros vs. 3.02 billion anticipated by analysts, in keeping with Refinitiv

Spotify reported 456 million month-to-month lively customers for the quarter, up 20% yr over yr, and 195 million paid subscribers, up 13% from a yr in the past.

In its second-quarter report, Spotify had stated it anticipated so as to add roughly 17 million new month-to-month lively customers within the interval, bringing its complete to 450 million. It had additionally anticipated its income to extend to three billion euros ($3 billion) and to submit 194 million paid subscribers within the quarter.

Spotify is constant to put money into promoting, and its ad-supported income grew 19% yr over yr and made up 13% of complete income. The corporate stated progress was pushed by podcasting.

Spotify launched podcasts in 2015, and it’s now house to greater than 4.7 million of them, in keeping with the report. In September, the company announced that its U.S. listeners at the moment are in a position to buy and hearken to greater than 300,000 totally different audiobook titles, marking its newest try to show its platform a one-stop-shop for all issues audio.

Spotify held its quarterly earnings call with investors at 4:30 p.m. ET Tuesday.

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