Spotify Ascends 16% On Higher Revenue In Q2

(RTTNews) - Shares of Spotify Technology S.A. (SPOT) are rising more than 16% Wednesday morning after the audio streaming services provider reported higher revenue in the second quarter.

Revenue for the quarter increased to 2.864 billion euros from 2.331 billion euros in the same quarter a year ago. The company said its Monthly active users (MAU) grew 19% year-on-year to 433 million, 5 million above its guidance.

Spotify reported net loss of 125 million euros or 0.85 euros per share compared with net loss of $20 million euros or 0.19 euros per share a year ago. Looking forward to the third quarter, the company sees revenue of 3 billion euros. It had revenue of 2.5 billion euros in the third quarter of last year.

SPOT, currently at $120.61, has traded in the range of $89.03-$305.60 in the past 52 weeks.