Spotify Q3 MAUs Rise 11% to 788 Million; Q4 Revenue Guidance Set at €5.2 Billion

Spotify Technology (SPOT, 639.DE, 1SPOT.MI) reported third-quarter total monthly active users grew 11% year-over-year to 788 million, with Premium Subscribers up 9% to 306 million, 1 million above company guidance. Shares rose 3.83% to $545.00 in pre-market trading on the NYSE. Third-quarter earnings totaled €518 million, or €2.48 per share, compared with €899 million, or €3.28 per share, a year earlier. Operating income rose 15% to €672 million, beating guidance on lower-than-forecast marketing and personnel costs and gross margin strength. Revenue increased 16% to €5.0 billion, or 14% on a constant currency basis; Premium revenue was €4.49 billion, up 17%. For the fourth quarter, Spotify projects total MAUs of 818 million, Premium Subscribers of 316 million, revenue of €5.2 billion and operating income of €820 million.