Music and media streaming platform Spotify reported a profit of ~$785M in its Q2 earnings statement on Wednesday. It reported total revenue of $2.7B, a 23% increase YoY.
- Spotify reported 365 million monthly active users, a 22% increase YoY.
- It reported a 20% increase in premium/paying subscribers, to 165 million.
- Spotify added 7 million subscribers in Q2.
- Following the report, Spotify shares fell ~8%. It closed at $223.22, down ~6% for the day. It has a market cap of ~$42.6B.