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Spotify reported a turnover of 3.8 billion euros for the second quarter of 2024, up 20% from the same period in 2023. Operating profit amounted to 266 million euros. These figures are a record high and the best ever for the company.
The company also showed an increase in premium subscribers, which reached 246 million, up 12% from the previous year. The number of monthly users also grew 14% to 626 million.
– These are exciting times at Spotify. We continue to innovate and prove that we not only have a great product, but also run an increasingly great business. We’ve been doing this for longer than even we expected. This bodes well for the future, says Spotify founder and CEO Daniel Ek In a press release.
Revenue was about 20% higher than the same period last year. The strong performance was attributed to higher gross margins and lower marketing and personnel costs. At the end of 2023, Spotify announced that the man Lay off 17% of workforceequivalent to approximately 1,500 employees of the company.
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