Ten million new premium subscribers offset operating losses of 247 million ($272.7 million), but Spotify’s stock is down 13% on investor disappointment
Those cuts resulted in €135 million in net charges in the quarter, with €44 million accounted for in the company’s gross margin and €91 million reflected in Spotify’s operating expenses. Roughly €25 million of the charges were cash related, Spotify’s Chief Financial Officer Paul Vogel said on the call.
In the third quarter, the company said its operating losses would be reduced to €45 million based on its forecast that premium subscribers will increase to 224 million and the number monthly active users will increase to 572 million. The company expects third quarter revenues to total €3.3 billion with a gross margin of 26%.
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