Music Giant Spotify's Q1 Surprise: Investors Cheer Premium Subscriber Growth And Profit Bump
Music Giant Spotify's Q1 Surprise: Investors Cheer Premium Subscriber Growth And Profit Bump
Spotify Technology SA (NYSE:SPOT) reported fiscal first-quarter 2024 revenue growth of 20% year-on-year to €3.64 billion ($3.95 billion), beating the consensus of $3.85 billion. EPS of €0.97 ($1.05) beat the consensus of $0.70.
Spotify Technology SA（纽约证券交易所代码：SPOT）报告称，2024财年第一季度收入同比增长20％，达到36.4亿欧元（合39.5亿美元），超过了市场预期的38.5亿美元。每股收益为0.97欧元（1.05美元），超过了市场预期的0.70美元。
Premium Revenue grew 20% year over year to €3.25 billion, helped by subscriber additions and ARPU increases.
受订户增加和ARPU增长的推动，保费收入同比增长20％，达到32.5亿欧元。
Total MAUs (Monthly Active Users) rose 19% Y/Y to 615 million , which missed its guidance by 3 million. A "moderated marketing activity" led to "more normalized growth" following 2023's record performance, the Variety cites Spotify.
MAU（月活跃用户）总数同比增长19％，达到6.15亿，未达到预期的300万。《综艺》援引Spotify的话说，继2023年创纪录的表现之后，“适度的营销活动” 带动了 “更正常的增长”。
The lower-than-expected MAU growth also came amid "organizational change," referring to Spotify's December 2023 layoffs when the company slashed 17% of its workforce.
月活跃用户增长低于预期，也是在 “组织变革” 的背景下出现的，指的是Spotify在2023年12月裁员，当时该公司裁员了17％。
Ad-supported MAUs grew 22% Y/Y to 388 million. Premium Subscribers grew 14% Y/Y to 239 million.
广告支持的活跃用户同比增长22％，达到3.88亿。高级订阅者同比增长14％，达到2.39亿。
Within Premium, the average revenue per user (ARPU) rose by 5% year over year to €4.55. Ad-supported revenue rose 18% to €389 million.
在高级版中，每位用户的平均收入（ARPU）同比增长5％，达到4.55欧元。广告支持的收入增长了18％，达到3.89亿欧元。
Margins: The gross margin improved by 243 bps to 27.6%, reflecting improved podcast and music profitability. The Premium gross margin was 30.2%, up 155 bps Y/Y, reflecting Marketplace growth.
利润率：毛利率提高了243个基点至27.6％，反映了播客和音乐盈利能力的提高。保费毛利率为30.2％，同比增长155个基点，反映了市场的增长。
The ad-supported gross margin was 6.4%, which is up 947 bps Y/Y, reflecting an improvement in podcast and music profitability. Operating income improved to a new quarterly high of €168 million with a margin of 4.6%.
广告支持的毛利率为6.4％，同比增长947个基点，反映了播客和音乐盈利能力的提高。营业收入提高至1.68亿欧元的季度新高，利润率为4.6％。
Spotify held €4.7 billion in cash and equivalents and generated €207 million in free cash flow.
Spotify持有47亿欧元的现金及等价物，创造了2.07亿欧元的自由现金流。
Outlook: Spotify expects second-quarter revenue of €3.8 billion (consensus $3.76 billion) and total MAUs of 631 million.
展望：Spotify预计第二季度收入为38亿欧元（共识为37.6亿美元），年活跃用户总额为6.31亿美元。
Spotify stock gained over 107% in the last 12 months. Investors can gain exposure to the stock via Global X Social Media ETF (NASDAQ:SOCL) and ProShares On-Demand ETF (NYSE:OND).
在过去的12个月中，Spotify的股票上涨了107％以上。投资者可以通过Global X社交媒体ETF（纳斯达克股票代码：SOCL）和ProShares按需ETF（纽约证券交易所代码：OND）获得股票敞口。
Price action: SPOT shares traded higher by 8.27% at $294.75 premarket at the last check Tuesday.
价格走势：在周二的最后一次盘前检查中，现货股价上涨8.27％，至294.75美元。
Photo courtesy: Spotify
照片来源：Spotify