The Clap
Spotify shares increased as Q2 earnings topped analysts’ expectations.
The Deets
Spotify saw a 31% increase in advertising revenue, to EUR 360 million. This is an all-time high contribution to total revenue for a quarter.
Despite no longer operating in Russia, Spotify reported 433 million monthly active users, up 19% year-over-year and 5 million above expectations.
Paid subscriber growth also grew by 14%, growing to 188 million, 1 million more than expected.
Why this Matters?
Spotify has invested heavily in advertising, which helped drive its earnings up. Spotify’s stock surged by more than 14% following the earnings report.
Spotify surpassed expectations following Q2 earnings 🎵
