Spotify: 2Q Earnings Snapshot
LUXEMBOURG (AP) — Spotify Technology SA (SPOT) on Wednesday reported a loss of $85.4 million in its second quarter.
On a per-share basis, the Luxembourg-based company said it had a loss of 47 cents.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 51 cents per share.
The music-streaming service operator posted revenue of $1.87 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.83 billion.
For the current quarter ending in October, Spotify said it expects revenue in the range of $1.76 billion to $1.99 billion.
Spotify shares have increased 37% since the beginning of the year. The stock has declined 12% in the last 12 months.