Music streaming platform Spotify Technology S.A. (NYSE: SPOT) reported a net loss for the final three months of fiscal 2021, despite a double-digit increase in revenues.
The Sweden-based company reported total revenues of €2.69 billion for the fourth quarter, which is up 24% from the year-ago period. The top-line also beat Wall Street’s estimates. It had around 406 million monthly active users at the end of the quarter, which is up 18% from the prior-year period. There was a 16% increase in the number of premium subscribers.
Despite the positive top-line performance, the company incurred a net loss of €39 million or €0.21 per share in the fourth quarter, compared to earnings of €2 million in the year-ago period.