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Spotify Gross Profits Top $1B, Revenues Jump 20% in Quarterly Earnings
In Spotify Q1 2024 earnings, revenues were up 20% as paid users reach 239 million. Spotify was profitable with $181 million in operating income.
Spotify chief executive Daniel Ek said that revenue growth accelerated and the company had record-high profits in the quarter, while total monthly active users grew 19% to 615 million and premium subscribers increased by 14% to 239 million — both compared to last year’s first quarter. “As an adult company we are now consistently profitable, which is great news,” Ek said in a video posted to LinkedIn. Premium subscribers grew 14% to 239 million, led by growth in the streaming giant’s bundles–Family and Duo plans.
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