Spotify Technology Turns To Profit In Q1; Sees Sequential Growth In Q2; Stock Climbs In Pre-market

(RTTNews) - Spotify Technology S.A. (SPOT) reported Tuesday a profit in its first quarter, compared to last year's loss, with strong growth in revenues. The company also issued second-quarter outlook, higher than the preceding quarter.

In pre-market activity on the NYSE, Spotify shares were gaining around 8.4 percent to trade at $295.

For the first quarter, net income attributable to owners of the parent was 197 million euros, compared to last year's loss of 225 million euros. Earnings per share were 0.97 euro, compared to loss of 1.16 euros a year earlier.

Operating income was 168 million euros, compared to loss of 156 million euros last year.

Total revenue was up 20 percent to 3.64 billion euros from 3.04 billion euros a year ago. On a constant currency basis, total revenue grew 21 percent.

Monthly Active Users or MAU grew 19 percent from last year to 615 million. Premium subscribers increased 14 percent to 239 million, led by growth in Family and Duo plans.

Looking ahead for the second quarter, the company projects operating income of 250 million euros, total revenue of 3.8 billion euros, total MAUs of 631 million and total premium subscribers of 245 million.

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