SI=+8%, I=10
- Spotify reported third-quarter results that topped analysts estimates and management guidance.
- Revenue grew 11% y/y to € 3.36 billion (management guidance: € 3.3 billion or +8.7% y/y), EPS was € 0.33 vs. - € 0.20 estimate, MAUs was 574 million vs. 572 million guidance, number of premium subcribers was 226 million vs 224 million guidance, operating income was € 32 million above - €45 million guided, while gross margins was 26.4% vs. 26.0% guidance.
- Operating income was boosted by reduced personel and marketing spend as well as improved gross margins.
- For Q4 2023, management guided revenue of €3.7 billion ( +15.6% y/y), 601 million MAUs (+23% y/y), and 235 million premium subscribers (+14.6%), which are all in-line with analysts estimate.