Source: Zhitong Finance

An audio streaming platform headquartered in Sweden before the US stock market on April 23 (Wednesday)$Spotify Technology (SPOT.US)$Financial results for the first quarter of 2024 were announced. According to financial reports, the company's Q1 revenue was 3.6 billion euros, up 20% year on year; gross profit was 1 billion euros, up 20% year on year; gross profit was 1 billion euros, compared to 3,042 billion euros in the same period last year; net profit was 197 million US dollars, and loss of 225 million US dollars for the same period last year.

The company further emphasized that the total number of monthly active users (MAU) increased 19% year over year to reach 615 million, and the market forecast was 6179 million. Furthermore, the number of premium subscribers increased 14% year over year to 239 million, driven by growth in family and two-person packages, compared to 210 million in the same period last year. The number of paying users reached 239 million, an increase of 14% year over year.

According to information, Spotify introduced audiobooks to its subscription plan last year and has already expanded this service to six markets. According to the company, 25% of users who have access to the service have played an audiobook at least once. This shows that the introduction of the audiobook feature has a certain effect in attracting user engagement.

Additionally, although Spotify reduced staff and scheduling of its podcast programs, the company renewed its distribution contract with comedian Joe Rogan in February and began publishing his shows more widely on YouTube and Apple Podcasts.

Looking ahead, Spotify expects total second-quarter revenue of €3.8 billion, compared to an average forecast of €3.76 billion. The total number of active users is 631 million, including 245 million premium subscribers.

As of press release, the stock was up nearly 14% intraday to $310.