Updated 6 days ago
Losses, but more users for Spotify
By Brad Kallet, Editor at LinkedIn NewsUpdated 6 days ago
Spotify's fourth-quarter earnings report was a mixed bag, a little over a week after the audio streaming giant announced that it would cut 6% of its workforce. While Spotify said monthly active users hit 489 million, a 20% jump from a year earlier, it posted a loss of roughly US$293 million. CEO Daniel Ek said the streamer "probably got a little carried away and overinvested" in an uncertain market as it pushed to become a leader in podcasting. The company will pull back moving forward, he said.
- Paying subscribers increased 14% to 205 million.
- Spotify shares jumped over 10% thanks to the strong user numbers, CNBC reports.
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