Streaming and media services company Spotify (NYSE: SPOT) tanked at the time of publishing as its losses widened in the second quarter to €1.55 per share. This compared to a loss of €0.65 per share in the same period last year.
The company’s revenues increased by 11% year-over-year to €3.17 billion, with total monthly active users (MAUs) increasing by 27% year-over-year to 551 million. Spotify’s premium subscribers and ad-supported MAUs grew year-over-year by 5% and 8% to 220 million and 343 million, respectively.
Looking forward, the company expects to add 21 million net new MAUs in the third quarter and end with 572 million. Spotify has projected total premium subscribers of 224 million at the end of Q3 with total revenues of €3.3 billion. The company has forecast an operating loss of €45 million in the third quarter.
Is SPOT a Good Stock to Buy?
Analysts are cautiously optimistic about SPOT stock, with a Moderate Buy consensus rating based on 17 Buys and seven Holds.
