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Spotify Q1 report

Spotify reports slow growth in Europe

Spotify says it expects total premium subscribers around 162 million to 166 million for the second quarter with a total revenue in a Euro 2.16 billion to Euro 2.36 billion. Spotify launched its services in 86 new countries in the first quarter and reports that growth in the US, Mexico, Russia, and India offset lower-than-expected growth in Latin America and Europe.

Premium subscribers, which account for most of the company’s revenue, were up 21% to 158 million from a year earlier which was more or less as the markets had expected.

Spotify revenue was Euro 2.15 billion for the the first quarter and up from 1.85 billion euros a year earlier.

Total monthly active increased 24% to 356 million.

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