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Spotify:Quarterly Results/2023 Q2: Difference between revisions
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* Products launched during the quarter and their expected results. | * Products launched during the quarter and their expected results. | ||
* CEO/CFO comments. | * CEO/CFO comments. | ||
== Results == | |||
{| class="wikitable" | |||
!'''Indicator'''<ref name=":1" /> | |||
!'''Guidance Q2 2023''' | |||
!'''Q2 2023 Actual Results''' | |||
!Y/Y Change | |||
!'''Guidance Q3 2023''' | |||
|- | |||
|Total MAUs | |||
|530 million | |||
|551 M | |||
|27% | |||
|572 M | |||
|- | |||
|Total Premium Subscribers | |||
|217 million | |||
|220 M | |||
|17% | |||
|224 M | |||
|- | |||
|Total Revenue | |||
|3.2 billion | |||
|3,177 B | |||
|11% | |||
|€3.3 billion | |||
|- | |||
|Gross Margin | |||
|25.5% | |||
|24.1% | |||
| | |||
|26.0% | |||
|- | |||
|Operating (Loss)/Income | |||
| -129 million | |||
| - 247 M | |||
| | |||
| €-45 million | |||
|} | |||
* Monthly active subscribers(MAUs) was 551 million, above management guidance of 530 million and analyst’s estimate of 526.8 million. | |||
* Spotify registered premium subscribers of 220 million, slightly above management guidance of 217 million and analyst’s forecast of 216.6 million. | |||
* Revenue was €3.18 billion(+11% y/y), in-line with management guidance and slightly below estimate of €3.21 billion. | |||
* Earnings per share of -1.55 euros versus -0.66 euros expected. | |||
* Gross margin came in 24.1% versus management guidance of 25.5%. | |||
* Operating loss was -€247 million, above management guidance of -€129 million due to €135 million net charges. But adjusted operating loss was -€112 million, in-line with management guidance. | |||
* Ad-supported revenue grew 12% Y/Y(or 15% Y/Y constant currency). | |||
* Spotify is guiding for MAUs of 572 million in Q3, above consensus estimate of 548 million. | |||
* It’s also guiding for gross margin of 26% in Q3, boosted by year-over-year improvement in podcasting and other costs of revenue. | |||
* Spotify said the announced price increases are expected to have minimal impact on Q3 revenue, which they are guiding to come in at 3.3 billion euros, below analyst’s estimate of 3.40 billion euros. | |||
* Spotify expects premium subscribers to be 224 million in Q3, in-line with analyst’s estimate of 222.4 million. | |||
=== Earnings Calls Notes === | |||
== Expectations == | == Expectations == | ||
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=== Management Guidance EUR === | === Management Guidance EUR === | ||
{| class="wikitable" | {| class="wikitable" | ||
!'''Indicator'''<ref>https://s29.q4cdn.com/175625835/files/doc_financials/2023/Shareholder-Deck-Q1-2023-FINAL.pdf</ref> | !'''Indicator'''<ref name=":1">https://s29.q4cdn.com/175625835/files/doc_financials/2023/Shareholder-Deck-Q1-2023-FINAL.pdf</ref> | ||
!Q2 2022 Results | !Q2 2022 Results | ||
!'''Q1 2023 Results''' | !'''Q1 2023 Results''' | ||