Spotify Technology S.A. (NYSE: SPOT) reported a 23% increase in revenues for the second quarter of 2022. However, the music streaming platform’s net loss widened during the quarter.
The Sweden-based company reported total revenues of €2.86 billion for the second quarter of 2022, which is up 23% from the year-ago period. It had around 433 million monthly active users at the end of the quarter, up 19% from the prior-year period. There was a 14% increase in the number of premium subscribers.
Meanwhile, net loss widened to €125 million or €0.85 per share in the second quarter from €20 million or €0.19 per share in the year-ago period.
Check this space to read management/analysts’ comments on Spotify’s Q2 results
During the quarter, the company closed the acquisition of Findaway, which works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers. It also announced the acquisition of Sonantic, a dynamic AI voice platform.