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Spotify Stock Pops On Quarterly Numbers As Music Streamer Adds Premium Subscribers, Lowers Costs

Shares of Spotify jumped in early trading on strong second quarter results as subscriber grew revenue and layoffs in part boosted profits.

Shares of giant music streamer Spotify have jumped 13% in pre-market trading as the company grew premium, subscribers, revenue and profit for the second quarter ended in June. Monthly active users rose 14% to 626 million and expanded across all regions, although a bit below Wall Street’s guidance. During the three months the Stockholm, Sweden-based company said it expanded video podcast catalog to more than 250,000 shows; incorporated over 250,000 audiobook titles into its premium offering in Canada, Ireland and New Zealand; introduced Basic plan in Australia, the United Kingdom and the United States to give eligible users the option for ad-free music listening without audiobook listening time; and introduced Creative Lab, a new in-house ad creative agency and Quick Audio, a generative AI tool for advertisers

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