Spotify’s user growth beats expectations, posts quarterly profit

Stockholm: Streaming giant Spotify on Tuesday reported quarterly monthly active users and subscribers ahead of expectations as it grew in all regions, and forecast that the number of monthly listeners would reach 601 million in the final three months of 2023.

The company posted a third quarter operating income of 32 million euros ($34.08 million), its first quarterly profit since 2021, helped by a higher gross margin and lower marketing and personnel costs.

Its gross margin rose to 26.4 per cent in the July-September period, up 166 basis points from the year-earlier period.