STOCKHOLM, Sweden (CelebrityAccess) – Streaming music giant Spotify announced that it beat its Q3 guidance for subscribers and total users during the company’s 3rd fiscal quarter.
According to Spotify, the company’s monthly active user count reached 640 million during Q3, an 11% year-over-year increase. During the same period, premium subscribers rose to 252 million, up 12% year-over-year.
Revenue for the music streamer grew as well during Q3, rising to €3.99 billion, a 19% increase, with results buoyed by revenue from premium subscribers, which rose 21%, and Ad-Supported revenue up 6%.
Gross profit increased 40% to €1.24 billion, with a gross margin of 31.1%. Spotify’s Operating income saw substantial growth, reaching €454 million during Q3 2024 while Spotify’s free cash flow was €711 million, both significantly up from previous quarters.
“The business delivered strong Q3 results, as all of our KPIs met or exceeded guidance and profitability reached record levels. MAU net additions ticked up to 14 million, surpassing guidance by 1 million. Subscriber net additions of 6 million were also ahead by 1 million. Despite greater than anticipated headwinds from unfavorable currency movements, Revenue was in-line and grew 21% Y/Y on a constant currency basis,” Spotify said in an investor deck announcing their Q3 results.
