Spotify reports Q2 total MAUs 551M vs. 433M last year

“The business performed very well in Q2, led by exceptionally strong MAU and Subscriber results. MAU net additions of 36 million were 21 million above guidance-an all-time high for the company-while Subscriber net additions of 10 million were 3 million ahead of guidance and the highest Q2 in company history. Revenue was in-line with guidance. Reported Gross Margin and Operating Loss were both primarily impacted by charges related to our actions to streamline operations and reduce costs. Excluding these items, Adjusted Gross Margin of 25.5% was in-line and up 22 bps Y/Y (consistent with how we guided the quarter). Adjusted Operating Loss of (EUR112M) was better than guidance, aided by lower marketing spend. Free Cash Flow was EUR9M in the quarter. Overall, we are encouraged by the strength we saw in Q2 and our momentum heading into the back half of 2023.”