Spotify is enjoying a modest bump on Wall Street on Thursday following its Q2 earnings report, despite its mounting losses with the music streaming giant reporting better-than-expected subscriber figures.
The Stockholm-based company reported 83 million premium paid subscribers, beating analyst estimates of 82 million. Spotify said it now has more than 180 million monthly active users.
About 31 percent of Spotify’s users, or 56 million streamers, come from North America, according to the company. It’s chief rival, Apple Music, has 50 million users, CEO Tim Cook said in May.
Spotify’s share price has jumped 2.75 percent in early morning trading, touching $193 a share — which would mark a new all-time high for the company if it holds through the closing bell.
The strong subscriber numbers offset its financials. Spotify’s €1.27 billion ($1.49 billion) in revenue was in-line with Wall Street’s estimates, but the company missed big on its earnings, posting a loss of €2.20 per share compared to analyst projections of €0.68.
Spotify doesn’t appear to be on the verge of becoming profitable anytime soon, with net losses doubling in the last year to €394 million ($461 million).
CFO Barry McCarthy said in a call on Thursday that Spotify’s revenue hit a “short-term hiccup” with the implementation of new EU data privacy laws, but that it wouldn’t impact the company long term. CEO Daniel Ek said podcasts were “growing really, really fast” on the call, but added the company wasn’t focused on video content, at least for now.
10 Most Shocking Russian Troll Posts on Facebook and Instagram, From Hillary Clinton to Police Brutality (Photos)
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.
House Intelligence Committee
Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.
House Intelligence Committee
This graphic meme painted cops as KKK members attacking a young black child.
House Intelligence Committee
Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.
House Intelligence Committee
President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.
House Intelligence Committee
The "Black Matters US" page touched on hot button issues like police shootings.
House Intelligence Committee
The "Army of Jesus" page shared a bible verse, along with this meme.
House Intelligence Committee
Russian trolls also used Instagram to spread sponsored political memes.
House Intelligence Committee
The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.
House Intelligence Committee
"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.
House Intelligence Committee
The "Being Patriotic" page labeled ex-cons as "Obama voters."
House Intelligence Committee
1 of 11
Congress just released 3,500 posts touching on a myriad of topics
The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.