The music streaming company Spotify has again made a profit in the second quarter. Despite the recent price increases, more people subscribed to the streaming service's paid offering, as the company reported in Stockholm on Tuesday. Compared to the same period last year, the number of so-called premium users rose by twelve percent and compared to the previous quarter by three percent to 246 million.
Spotify makes 274 million euros profit
The operating result rose significantly from 168 to 266 million euros compared to the previous quarter, thanks in part to lower marketing and personnel costs. In the same quarter last year, an operating loss of a similar amount had been recorded. The bottom line is that Spotify made a profit of 274 million euros, after a loss of 302 million euros a year earlier.
Overall, the Swedes took in around 3.8 billion euros in the second quarter. That is a fifth more than in the same quarter last year and five percent more than in the first quarter. In December, management laid off almost a fifth of the staff, including a large proportion of employees in the podcast division.
According to “boerse-frankfurt.de”, the market capitalization is 59.86 billion euros. The number of shares is said to be 192.15 million. In Xetra trading on Tuesday afternoon, the share recorded a positive change compared to the previous day of over 17.6 percent at times.
