Spotify shares dip after third-quarter earnings report

Spotify shares fell astir 7% aft hours connected Tuesday aft the streaming elephantine reported third-quarter 2022 losses that were worse than expectations.

Here's however the institution did:

• Loss per share: 99 euro cents vs. an estimated nonaccomplishment of 85 euro cents per stock arsenic expected by analysts, according to Refinitiv
• Revenue: 3.04 euros vs. 3.02 cardinal expected by analysts, according to Refinitiv

Spotify reported 456 cardinal monthly progressive users for the quarter, up 20% twelvemonth implicit year, and195 cardinal paid subscribers, up 13% from a twelvemonth ago.

In its second-quarter report, Spotify had said it expected to adhd astir 17 cardinal caller monthly progressive users successful the 3rd quarter, bringing its full to 450 million. It had besides expected its gross to summation to 3 cardinal euros and to station 194 cardinal paid subscribers successful the quarter.

Spotify is continuing to put successful advertising, and its ad-supported gross grew 19% twelvemonth implicit twelvemonth and made up 13% of its full revenue. The institution said successful the study that the maturation was driven by podcasting.

Spotify introduced podcasts successful 2015, and it is present location to much than 4.7 cardinal of them, according to the report. In September, the company announced that its U.S. listeners are present capable to acquisition and perceive to much than 300,000 antithetic audiobook titles, marking its latest effort to crook its level a one-stop-shop for each things audio.

Spotify volition clasp its quarterly net telephone with investors astatine 4:30 P.M. EST.