Spotify posts Q1 earnings in line with expectations

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All right, let’s talk about another name that we discussed quite a bit this morning. That is Spotify. Shares are under just a little bit of pressure this morning after their latest report. A slight miss actually here on the top line for Spotify also, or rather, a narrower than expected loss. So it’d be there on the bottom line.

But really, Sozzi, the story here is about listening hours and what’s happening with the company’s investment in the podcast space, right? And that has been significant over the last couple of years. They called out the strength they’re seeing in Joe Rogan. They’ve got the Obama-Springsteen podcast on there with the mention. But shares under pressure, off about 8% here.

BRIAN SOZZI: Yeah, and I know– I’ll quickly run down the numbers here because I know you want to maybe perhaps take me to task for my views on podcasting. We were just tweeting about this, this morning. But nonetheless, I think why you’re seeing Spotify, the sell-off accelerate here in the premarket, total monthly active users, 365 million, up 24% year over year, but below Spotify’s internal expectations. Also, the premium avenue– average revenue per user or the metric that is referred to as RPU, down 7% year over year.

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