Spotify Technology SA (NYSE:SPOT) reported second-quarter profitability well above last year’s results on Tuesday, as the music streaming giant crossed 300 million premium.
The Stockholm-based company posted revenue of €4.78 billion for the quarter, up 14% from a year earlier, though just shy of analyst estimates of €4.79 billion
Diluted earnings per share came in at €2.61. Premium subscribers rose 9% year-over-year to 300 million, edging past estimates of 299 million. Monthly active users climbed 12% to 777 million, narrowly missing forecasts of 778 million.
Net income reached €545 million, a sharp reversal from an €86 million loss in the same period last year. Operating income totaled €655 million, with operating margin at 13.7%. Free cash flow rose 14% to €797 million, bringing the trailing twelve-month figure to €3.3 billion.