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Spotify Subscription Revenue Soars in Q3, Operating Profit Hits Record High
Spotify's Q3 earnings shows that subscription revenue and operating profit grew during the quarter following cost-cutting measures.
Spotify, the world’s biggest music streaming platform, isn’t showing signs of slowing down. Reacting to investors’ demands for both growth and profitability, last year Spotify tightened its belt and laid off about a quarter of its workforce, and this year’s quarterly financial results have shown marked improvements in margin and profitability without sacrificing all-important subscriber growth. Advertising, a key ingredient to both Spotify’s freemium music model and podcasting business, continued to lag behind subscriptions.
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