Spotify (SPOT) earnings Q3 2022

Spotify shares fell about 7% after hours on Tuesday after the streaming big reported third-quarter 2022 losses that had been worse than expectations.

Here is how the corporate did:

• Loss per share: 99 euro cents vs. an estimated lack of 85 euro cents per share as anticipated by analysts, in line with Refinitiv
• Income: 3.04 euros vs. 3.02 billion anticipated by analysts, in line with Refinitiv

Spotify reported 456 million month-to-month lively customers for the quarter, up 20% 12 months over 12 months, and195 million paid subscribers, up 13% from a 12 months in the past.

In its second-quarter report, Spotify had stated it anticipated so as to add roughly 17 million new month-to-month lively customers within the third quarter, bringing its complete to 450 million. It had additionally anticipated its income to extend to three billion euros and to publish 194 million paid subscribers within the quarter.

Spotify is continuous to spend money on promoting, and its ad-supported income grew 19% 12 months over 12 months and made up 13% of its complete income. The corporate stated within the report that the expansion was pushed by podcasting.

Spotify launched podcasts in 2015, and it’s now dwelling to greater than 4.7 million of them, in line with the report. In September, the corporate introduced that its U.S. listeners are actually in a position to buy and take heed to greater than 300,000 totally different audiobook titles, marking its newest try to show its platform a one-stop-shop for all issues audio.

Spotify will maintain its quarterly earnings name with traders at 4:30 P.M. EST.