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Spotify Turns in Record Profit in Q2, Grows Premium Subscribers to 246 Million
Spotify posted a record profit in the second quarter of 2024 that topped expectations, gaining 7 million Premium subscribers in the quarter.
Helped by cost-cutting measures include a mass layoff, Spotify posted a record profit in the second quarter of 2024 that topped expectations. The music and audio streaming giant gained 7 million paid subscribers in the period, slightly ahead of guidance, while total monthly users fell short of its target. “Our business continued to perform well in Q2, led by healthy subscriber gains, improved monetization and record profitability,” Spotify said in its quarterly letter to shareholders.
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