Summary by Moomoo AI
Spotify Technology reported strong Q3 2024 results with revenue increasing 19% YoY to €3.99 billion, driven by 21% growth in Premium revenue to €3.52 billion and 6% growth in Ad-Supported revenue to €472 million. Operating income surged to €454 million from €32 million in Q3 2023, while net income reached €300 million compared to €65 million last year.Monthly Active Users grew 11% YoY to 640 million, while Premium Subscribers increased 12% to 252 million. Premium ARPU rose 9% YoY to €4.71, benefiting from price increases. Gross margin expanded to 31% from 26% in Q3 2023, reflecting improved operating leverage and benefits from marketplace programs.The company maintained strong liquidity with cash and short-term investments of €6.08 billion as of September 30, 2024. Free Cash Flow for the first nine months of 2024 increased significantly to €1.41 billion from €282 million in the same period last year, demonstrating robust operational execution and financial discipline.