The company revealed that total monthly active users increased 11% year-over-year to 640 million.
Firstly, it recorded revenues of EUR 3.988 billion , 19% more than in the same period of the previous year and 6% more than the figure estimated by Wall Street analysts.
Operating profit was EUR 454 million , while book cash flow reached EUR 711 million. Year-on-year, there were increases of 1,318% and 229%, respectively .
Meanwhile, the company revealed that the total number of monthly active users increased year-over-year by 11% to 640 million . Of the total, 252 million were premium customers . In the quarter, it added 6 million subscribers, compared to the 5.2 million projected by the market.
«Overall, we are very pleased with our year-end performance and see the business well positioned to grow sustainably towards the long-term objectives set out at our 2022 Investor Day ,» the company said.
Following the announcement, Spotify shares jumped 12% on the New York Stock Exchange to a new all-time high of $465. This brings their share price up 147% so far this year.
«Spotify has already won the global audio streaming race (driven largely by its first-class user interface and product) ,» said Jeffrey Wlodarczak , an analyst at Pivotal Research, in a note to clients. The company has proven it can raise prices and still generate «solid subscriber growth,» he said .
