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Spotify Q1 Results: User Growth Slows, Streamer Swings to Profit as It Hits 239 Million Premium Subscribers
Spotify netted fewer new users than expected in Q1 2024, but the audio-streaming giant touted "record strength" in profitability.
Spotify said “moderated marketing activity” led to “more normalized growth” following 2023’s record performance (when it added 26 million new MAUs). The company said the lower-than-expected MAU growth came amid “organizational change,” a reference to Spotify’s December 2023 layoffs cutting 17% of its workforce. “Now as we’ve shifted to focus on strong revenue growth and margin expansion, we see a clear opportunity to ensure we are also continuing to grow the top of our funnel.
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