On Wednesday, Spotify Technology announced a better-than-expected 31% increase in paid music subscribers to 130 million and a 22% rise in earnings in the first quarter as a result of the spread of this coronavirus.
Shares of this Swedish Music streaming company rose 2% in trading before the bell.
“We are fortunate that as a company we are able to operate with very little disruption and our expectation is that supplying audio, information, and an escape for many can provide some joy and comfort,” the company said in a statement.
For the next Quarter, Spotify anticipates premium subscribers at the assortment of 133 million to 138 million. Analysts were anticipating 136.5 million, according to IBES data from Refinitiv.
It also forecasts total revenue in the range of EUR 1.75 billion (Rs 14,370 crores) to EUR 1.95 billion (roughly Rs 16,000 crores), below expectation of EUR 2.02 billion (roughly Rs 16,585 crores), according to IBES data from Refinitiv.
First-quarter premium Readers, however, rose 31% from a year before. Participants were expecting 128.6 million paid subscribers.
Revenue rose to EUR 1.85 billion (approximately 15,200 crores) for the three months ended March 31 from EUR 1.51 billion (roughly Rs 12,400 crores) a year before. Analysts were Anticipating EUR 1.86 billion (approximately Rs 15,260 crores).
The Company reported a loss attributable to shareholders of 20 euro cents each share. Analysts were expecting a loss of 49 euro cents per share. Users can stay in touch with our web portal for the latest technology updates around the world.