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Spotify's quarterly revenue beats estimates, paid subscribers rise 20%

The music streaming company reported a 20% jump in paid subscribers for its premium service driven by demand in Europe and North America.

Photo: Reuters

Photo: Reuters

Reuters STOCKHOLM

Spotify Technology SA beat Wall Street estimates for second-quarter revenue on Wednesday, as the music streaming company reported a 20% jump in paid subscribers for its premium service driven by demand in Europe and North America.

Revenue rose to 2.33 billion euros ($2.75 billion) for the quarter, from 2.15 billion euros a year earlier. Analysts were expecting revenue of 2.29 billion euros, according to IBES data from Refinitiv.

Premium subscribers, which account for most of the company's revenue, hit 165 million in the quarter, matching analysts' expectations.

Total monthly active users rose 22% to 365 million.

($1 = 0.8460 euros)

 

 

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm, Editing by Helena Soderpalm)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 28 2021 | 4:23 PM IST

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