Spotify Technology S.A. (NYSE: SPOT) reported a wider net loss for the fourth quarter of 2022 when the music streaming platform’s revenues increased by 18%.
The Sweden-based company reported total revenues of €3.17 billion for the fourth quarter, which is up 18% from the year-ago period. It had around 489 million monthly active users at the end of the quarter, up 20% from the prior-year period. There was a 14% increase in the number of premium subscribers.
Meanwhile, Spotify incurred a net loss of €270 million or €1.40 per share in the December quarter, compared to a loss of €39 million or €0.21 per share in the year-ago period.
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The company also provided revenue and subscriber guidance for the first quarter of 2023.