Those who believe that Spotify will never be a profitable company may soon be forced to reevaluate their position. Today, the streamer reported that its second-quarter operating loss shrunk dramatically to just $3.3 million in Q2 2019, down from $90 million a year ago; and its operating loss fell to $84.7 million from $439 million last year YoY.
Quarterly revenue rose faster than analyst expectations to $1.86 billion.
$1.67 billion of the total revenue came from premium subscribers, an increase of 31% year over year, and ad-supported revenue grew 34% to $184 million.
Operating expenses grew 4%.
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