Spotify announced it has 777 million monthly active users as of June, marking a 16 million increase from the previous quarter, although it fell short of forecasts by one million. The streaming service reported 300 million paying subscribers, a rise of seven million from the last quarter, exceeding expectations. Despite these gains, Spotify anticipates slower growth in the third quarter, projecting only 11 million new net subscribers, which led to a 2.6 percent drop in its stock price. The company also reported a 61 percent increase in quarterly operating profit to 655 million euros and a 14 percent revenue rise to 4.8 billion euros. Co-CEO Alex Norstrom highlighted Spotify's unique position in the market, emphasizing its diverse user engagement throughout daily activities. The platform continues to innovate, recently launching AI-generated "Personal Podcasts" and offering early concert ticket access to dedicated fans.
NigeriaNewsFeed summary based on reporting from Vanguard News.
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