Spotify Turns A Corner With First Ever Profit
Spotify finished 2018 with 96M paying subscribers around the world, up by 25M year-on-year.
That wasn’t the biggest news in Spotify’s freshly announced financials for Q4 2018, though.
By External Source
Spotify finished 2018 with 96M paying subscribers around the world, up by 25M year-on-year.
That wasn’t the biggest news in Spotify’s freshly announced financials for Q4 2018, though.
The company posted its first ever quarterly operating profit (€94m) in the final three months of last year, driven by lower operating costs (-17% YoY). The firm, which posted a €442m net profit in the quarter – thanks to €387m of finance-related income – said that “movements in our share price in Q4 had a [positive] sizeable impact on our reported results” but that “the business would have been profitable regardless”.
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Tash Shah