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People are flocking to Spotify, as the company’s recent financial results show, but it continues to lose more than $225 million each quarter after layoffs in January.
Spotify is working to add more content to its service in the form of podcasts and audiobooks, and has redesigned its app to keep users engaged with the platform. increased significantly, but recorded another economic loss.
The streaming company recorded 515 million monthly active users, up 22% year-over-year. This was Spotify’s biggest first quarter increase ever, beating his forecast by 15 million.
The company said it saw growth across almost all age groups, with growth seen in developed and emerging markets.
The number of paying Spotify subscribers increased 15% to 210 million, also beating Spotify’s expectations. wall street journalHowever, it posted a loss of about $248 million in the first quarter of 2023. That’s bigger than his $231 million decline in earnings in the fourth quarter of 2022.
Management has said investment will be prioritized over profits as the company expands into new types of audio and tries to attract customers around the world. they anticipate.
About 600 people, or about 6% of Spotify’s workforce, were laid off in January as part of a broader cost-cutting effort after overspending during the pandemic. reported that gold increased operating expenses in the quarter.
Spotify expects monthly active users to grow to 530 million and premium subscribers to grow to 217 million this quarter. In addition, we expect revenue to reach $3.5 billion.
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