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shares Spotify Shares fell 7% on Tuesday after the company’s news second quarter results That was below analysts’ expectations for revenue and provided weaker-than-expected guidance.

The company’s approach is as follows:

  • Loss per share: Loss of 1.55 euros, not comparable to estimates
  • income: The figure came in at 3.18 billion euros, compared with analysts’ expectations for 3.21 billion euros, according to Refinitiv data

Revenue increased by 11% year-on-year, up from EUR 2.86 billion in the same period last year. Spotify reported a loss of 85 cents per share in its second quarter 2022 report. The company said it expected total third-quarter revenue of 3.3 billion euros, below StreetAccount analysts’ forecast of 3.4 billion euros.

Spotify reported 551 million monthly active users for the quarter, up 27% year-over-year. Net monthly active users added 36 million in the quarter. Spotify also reported 220 million paid subscribers, up 17% from a year ago.

In its first quarter reportThe company said it expects to add about 15 million new monthly active users in the second quarter, bringing its total to 530 million. It also expects revenue of 3.2 billion euros and 217 million paying subscribers for the quarter.

Spotify posted a net loss of 302 million euros, an increase from a loss of 125 million euros in the same period last year. same time last year.

Spotify is continuing to invest in advertising, with ad-supported revenue growing 12% year-over-year. Podcast ad revenue growth re-accelerated to over 30% year over year, the company said.

On Monday, Spotify announced plans to raise the price of its Premium subscription product to $2, which represents a 20% price increase on some plans. The market landscape has “continued to evolve” since Spotify launched, and the changes will help the company “continue to deliver value to fans and artists,” the company said. blog post.

In the U.S., Spotify’s Premium individual plan is up from $9.99 to $10.99, and its Premium Duo plan is up from $12.99 to $14.99. The company’s Premium Family plan is now $16.99, down from $15.99, and the student version is $5.99, down from $4.99.

Spotify said in a Tuesday report that it expects the price increase to have a “negligible” impact on the company’s total third-quarter revenue.

The company will hold a quarterly conference call with investors at 8:00 a.m. ET.

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