Spotify has shared its third quarter earnings report and it’s positive for a change. The company reported a profit of 65 million euros in the third quarter and an operating profit of 32 million euros. These compare well with the net loss of 166 million euros and operating loss of 228 euros in the previous year.
Spotify’s paying customers increased 3% compared to the second quarter and 16% compared to the third quarter last year, despite Spotify’s subscription price increase last quarter. Monthly active users rose to 574 million, up 4% quarter-over-quarter and 26% year-over-year.
Spotify usually reports loss-making quarters because it targets user growth over profit. Audiophile users look forward to the promised level of lossless streaming, which Spotify insists is still on the way. It will reportedly be a new $19.99 “Supremium” tier with other bonus features.
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