And still no sign of HiFi.
, when it said it expected to reach 202 million premium subscribers and 479 million MAUs.
The earnings release comes a week after Spotify announced layoffs affecting six percent of its company, or a little under 600 employees. But, much like other tech companies facing the same economic downturn, Spotify’s latest earnings release suggests its financial situation hasn’t significantly worsened in recent months. But as my colleague, the reasoning behind these industry layoffs could have more to do with investors than raw profitability.
Spotify did post an operating loss of €231 million in this quarter. But that’s not a huge departure from the company’s past performance, given it has tended to prioritize growth over turning a profit on a quarterly basis. The figure is under its previous guidance of a €300 million loss this quarter. Average revenue per premium subscriber now sits at €4.55 , a year-over-year increase of 3 percent, but slightly down compared to €4.63 last quarter.
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