Last updated November 13, 2024 – 9:27 AM
Spotify said its third-quarter 2024 earnings show the company is on track for full-year profitability.
This latest report shows that the company performed well across key metrics, with total revenue increasing 19% year-on-year to €4 billion.
The platform's monthly active users rose 11% year-over-year to 640 million, and the number of subscribers rose 12% to 252 million.
Due to the increase in reported total revenue, the company's gross profit margin reached 31.1% and operating profit improved to 454 million euros.
Spotify Founder and CEO Daniel Ek said:
“I am very proud of our achievements and progress to date. We have achieved our goals, if not further away, and are on track to achieve our long-term goals. I'm here.
This relentless pursuit of innovation and commitment to growth allows us to deliver the most valuable user experience in the industry, while strengthening the core strengths that make Spotify unique. I am very excited to see what lies ahead for us. ”
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