Spotify reports net loss of $461 million
Losses reported doubled those from the same time last year...
Spotify has reported net losses for the second quarter of 2018 which double those from the same period in 2017.
Compared to losses of €188 million last year, this year’s Q2 report shows losses of €394 million ($461 million) of higher finance expenses.
The streaming giant’s CFO Barry McCarthy cited Europe's General Data Protection Regulation (GDPR) as one cause for lags and losses in the company’s growth.
“We did see some GDPR disruption across our European markets during Q2 but seem to be largely past that now,” he said. “We are, and will remain, GDPR compliant thanks to a terrific cross-functional effort.”
Despite these reported net losses however, Spotify is still very much keeping afloat. As reported in Variety, the company largely hit expectations on all metrics for the second quarter of 2018, reaching a total Q2 revenue of €1.27 billion ($1.49 billion), up 26% from the same period last year. The company also reported an increase in subscriber figures and subscriber revenue.
The music sharing platform reported 180 million monthly active users and 83 million premium subscribers (an increase of 8 million from most recent reports).
This was Spotify’s second earnings report since the company went public on the New York Stock Exchange in April this year which it entered valued at $26.5 billion.
