Music streaming platform Spotify Technology S.A. (NYSE: SPOT) reported a 24% increase in revenues for the first quarter of 2022, resulting in a sharp increase in net profit. The numbers also surpassed analysts’ forecasts.
The Sweden-based company reported total revenues of €2.66 billion for the first quarter, which is up 24% from the year-ago period. The top line also beat Wall Street’s estimates. It had around 422 million monthly active users at the end of the quarter, up 19% from the prior-year period. There was a 15% increase in the number of premium subscribers.
Reflecting the positive top-line performance, net income increased to €131 million or €0.21 per share in the first quarter from €23 million in the year-ago period.
Check this space to read management/analysts’ comments on Spotify’s Q1 results
During the quarter, the company announced the acquisition of Podsights, a leading podcast advertising measurement service that helps advertisers better measure and scale their podcast advertising. It also purchased Chartable, a podcast analytics platform that enables publishers to know and grow their podcast audiences through promotional attribution and audience insight tools.