Spotify (NYSE:SPOT) still isn’t making a profit even after finishing its second quarter with 180 million monthly active users, but SPOT stock is still up today.
Of the 180 million monthly active users at Spotify, there are only 83 million that are Premium Subscribers. While the company still isn’t profitable yet, this is a 30% increase to monthly active users and a 40% increase to Premium Subscribers from the same time last year.
Spotify also notes in its most recent earnings report that its 180 million users now includes those that are avoiding advertisements in one way or another. However, it believes that these users only make up less than 5% of its ad-supported monthly active users and less than 3% of all monthly active users.
When it comes to its net loss for the second quarter of the year, Spotify reported $459.27 million. The company’s operating loss for the quarter came in at $104.91 million. Net loss and operating loss from the same period of the year prior came in at $219.15 million and $92.09 million, respectively.
Revenue reported by Spotify for the second quarter of 2018 was $1.48 billion. The company’s revenue from the same time last year was $1.17 billion. Wall Street was looking for revenue of $1.27 billion for the quarter, which is good news for SPOT stock.
Spotify’s losses per share for the second quarter of the year came in at $2.56. This is worse off than the music streaming service’s losses per share of $1.45 from the second quarter of 2017. It also came in well below analysts’ earnings per share estimate of 68 cents for the period, but couldn’t keep SPOT stock down today.
SPOT stock was up 3% as of noon Thursday and is up 26% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
