Spotify Technology S.A. said on Tuesday that the number of its total monthly active users (MAU) in the final quarter of 2022 jumped by 20% on an annual basis to reach 489 million users. The number of the music streaming service's premium users rose 14% compared to the same period last year, amounting to 205 million.
The company's revenue reached €3.17 billion in the final quarter, marking a 18% surge year-over-year, while its entire-year figure came in at €11.72 billion. Its net loss was €231 million, or €1.40 per share in the last quarter, as opposed to a loss of €7 million seen a year ago. The net loss for the entire year stood at €659 million, which translates to €2.93 per share.
The Swedish music streaming service will aim to gain an extra 11 million monthly active users in the first quarter of the fiscal 2023 with the goal of making €3.1 billion in profit during the corresponding trimester.
Spotify's shares soared 5.11% in the premarket trading after the announcement.
