Spotify added 7 million premium subscribers in Q2, exceeding estimates, but earnings missed analyst expectations.
Spotify Technology (SPOT) reported 7 million new premium subscribers in the second quarter, surpassing the 6.1 million estimate. The company now has 300 million paying subscribers globally, a 9% year-over-year increase.
Despite the subscriber growth, Spotify missed earnings expectations, leading to a decline in its stock price during early trading. Analysts had anticipated stronger financial performance, though the subscriber addition marked a positive trend.
Shares fell as investors reacted to the earnings miss, highlighting concerns over profitability despite user growth.