Summary by Moomoo AI
Spotify Technology S.A. reported its interim condensed consolidated financial statements for the first quarter ending March 31, 2024. The company saw a 20% increase in total revenue, reaching €3,636 million, compared to €3,042 million in the same period of the previous year. This growth was attributed to a rise in both Premium and Ad-Supported revenues, with Premium Subscribers growing by 14% to 239 million and Ad-Supported MAUs increasing by 22% to 388 million. Premium ARPU also rose by 5% to €4.55. Gross profit improved by 31% to €1,004 million, with a gross margin increase from 25% to 28%. Operating expenses saw a decrease across research and development, sales and marketing, and general and administrative expenses. Finance income doubled to €59 million, while finance costs decreased by 31% to €53 million. The company also reported an...Show More