) reported fiscal first quarter earnings on Tuesday that beat expectations on both the top and bottom lines. The audio giant also swung to a profit as it continues to implement itsOver the past year, Spotify has committed to multiple rounds of layoffs in addition to price increases and other initiatives to boost top-line growth and improve margins.
Revenue, meanwhile, totaled 3.64 billion euros — 20% higher compared with the first quarter of 2023, and above Wall Street expectations of 3.61 billion euros.Total monthly active users came in below company estimates of 618 million to hit 615 million in the quarter — a 19% improvement compared with the total in the year-ago period. The streaming service anticipates Q2 MAUs to come in at 631 million.
The average revenue per user, or ARPU, for Premium subscriptions increased 7% to 4.55 euros ARPU was driven by price increase benefits that were partially offset by discounted plans and lower prices in emerging markets, the company said.after the audio giant pledged to improve its profitability beginning in 2023 on a gross margin and operating income basis.
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