BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Spotify Technology (SPOT, 639.DE, 1SPOT.MI) reported that its third quarter Total Monthly Active Users or MAUs grew 11% year-over-year to 788 million. Premium Subscribers grew 9% to 306 million, 1 million above the company's guidance. For the fourth quarter, the company projects total MAUs of 818 million, total Premium Subscribers of 316 million, total revenue of 5.2 billion euros, and operating income of 820 million euros.
Third quarter earnings totaled 518 million euros, or 2.48 euros per share. This compares with 899 million euros, or 3.28 euros per share, last year. Operating income was 672 million euros, up 15% from previous year. The company said its operating Income outperformed guidance due to lower than forecast marketing and personnel related costs and gross margin strength.
Third quarter total revenue was 5.0 billion euros, up 16% from last year, or an increase of 14% on a constant currency basis. Premium revenue was 4.49 billion euros, up 17% from last year, or up 15% in constant currency.
In pre-market trading on NYSE, Spotify shares are up 3.83 percent to $545.00.
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