Music streaming service provider Spotify (SPOT) has returned to profit in the second quarter, boosting fellow industry player Tencent Music's (01698) early gains. As of press time, Tencent Music's stock price stands at HKD 58.6, an increase of 3.9%, with a turnover of HKD 3.0357 million.
On the news front, Spotify (SPOT) released its second quarter financial performance. Net income was EUR 0.274 billion (USD 0.298 billion), compared to a loss of EUR 0.302 billion in the same period last year. Earnings per share were EUR 1.33.
During the period, revenue increased by 20.2% year-on-year to EUR 3.81 billion (USD 4.14 billion), which was basically in line with analysts' expectations. At the end of the second quarter, the number of paid users was 0.246 billion, slightly better than market expectations.