Spotify Technology S.A. reported its interim condensed consolidated financial statements for the first quarter ending March 31, 2024. The company saw a 20% increase in total revenue, reaching €3,636 million, compared to €3,042 million in the same period of the previous year. This growth was attributed to a rise in both Premium and Ad-Supported revenues, with Premium Subscribers growing by 14% to 239 million and Ad-Supported MAUs increasing by 22% to 388 million. Premium ARPU also rose by 5% to €4.55. Gross profit improved by 31% to €1,004 million, with a gross margin increase from 25% to 28%. Operating expenses saw a decrease across research and development, sales and marketing, and general and administrative expenses. Finance income doubled to €59 million, while finance costs decreased by 31% to €53 million. The company also reported an...Show More

Spotify Technology S.A. reported its interim condensed consolidated financial statements for the first quarter ending March 31, 2024. The company saw a 20% increase in total revenue, reaching €3,636 million, compared to €3,042 million in the same period of the previous year. This growth was attributed to a rise in both Premium and Ad-Supported revenues, with Premium Subscribers growing by 14% to 239 million and Ad-Supported MAUs increasing by 22% to 388 million. Premium ARPU also rose by 5% to €4.55. Gross profit improved by 31% to €1,004 million, with a gross margin increase from 25% to 28%. Operating expenses saw a decrease across research and development, sales and marketing, and general and administrative expenses. Finance income doubled to €59 million, while finance costs decreased by 31% to €53 million. The company also reported an income tax benefit of €23 million, a significant change from the €19 million tax expense in the previous year. Free Cash Flow increased substantially to €207 million. Spotify's liquidity was bolstered by cash and cash equivalents, short term investments, and operating cash flow, which the company believes will meet its financial needs for at least the next 12 months. The report also highlighted the launch of audiobooks in additional markets and the company's share repurchase program. Spotify's financial position remains strong, with no defaults on senior securities and no significant changes in risk factors since the last annual report.