Spotify beats subscriber expectations, but stock drops after earnings

Spotify Technology SA SPOT, +3.13% topped subscriber expectations for its third quarter, but shares of the music-streaming company were falling about 5% in premarket trading Tuesday. The company reported third-quarter net income of €65 million, or 33 cents a share, whereas it lost €166 million, or 99 cents a share, in the year-earlier period. Analysts tracked by FactSet were expecting a 22-cent loss per share. Revenue rose to €3.36 billion from €3.

Spotify had 574 million monthly active users in the third quarter, including 361 million ad-supported monthly active users. Analysts had been looking for 572 million total monthly active users. The company had 226 million premium subscribers, up 6 million on a sequential basis, and beating the FactSet consensus, which was for 224 million. Music advertising revenue saw a reacceleration and was up almost 20% in the quarter.

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