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March 20, 2023
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Spotify – Podcasts Pad Revenue Despite Cancel Calls

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Spotify Technology SA (NYSE:SPOT)’s first quarter revenue rose 19% to €2.7bn, ignoring the impact of currency changes. That was better than management’s guidance, and reflected double-digit growth in both Premium and Ad-supported revenue. Monthly Active Users (MAUs) also grew beyond expectations. Gross margins of 25.2% were also ahead of guidance, but lower than last year. The group swung from operating profits of $14m to a $6m loss, reflecting increased costs. Q1 2022 hedge fund letters, conferences and more Spotify expects to add 14m MAUs in the current quarter, excluding the impact of the o…

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