While overall revenue was up by 14 percent year over year from €2.66 billion ($2.93 billion) to €3.04 billion ($3.34 billion), it dipped by four percent from the previous quarter. Revenue from paid subscribers remained relatively stable, but revenue from ad-supported users dropped by 27 percent from €449 million ($494 million) to €329 million ($362 million).
Despite the impressive user growth, Spotify posted a net operating loss of €156 million ($172 million) for the quarter. This is a significant increase from the €6 million ($6.6 million) loss it saw in the first quarter of 2022, but it’s still an improvement over the €270 million ($297 million) loss in the previous quarter.
