Spotify published a quarterly report that inspired shareholders, after which the company’s shares on Nasdaq rose 15%. The service reported the loss of almost 600 thousand subscribers from Russia, but its total number grew by 14% and reached 188 million worldwide.
Spotify’s subscriber numbers have been revealed in its quarterly financial report.
Spotify revenue grew 23% to €2.9 billion; analysts had expected a smaller increase. If the second quarter of 2021 Spotify ran with an operating profit of 12 million euros, the last financial quarter ended with a loss of 194 million euros.
In the second quarter, Spotify lost almost 600,000 subscribers from Russia after exiting the market. At the same time, the total number of Spotify subscribers increased by 14% to 188 million worldwide.
News of increased subscribers and higher-than-expected revenue sent the Swedish streaming service up 15% on the Nasdaq.
Spotify announced its exit from the Russian market on March 25. In April, the Spotify app disappeared from the Russian App Store and Google Play stores.
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.