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Spotify benefited from job cuts in the fourth quarter of 2023

Spotify benefited from job cuts in the fourth quarter of 2023
Despite increased prices, more people subscribed to the streaming service’s paid offering in the final quarter of 2023.

Despite increased prices, more people subscribed to the streaming service’s paid offering in the final quarter of 2023; The number of so-called premium users rose by 15 percent to 236 million compared to the same period last year. In total, Spotify had 602 million monthly active users, almost a quarter more than at the end of 2022. With this development, the streaming provider slightly exceeded its own goals. The share price rose 3.5 percent in premarket US trading.

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At the start of the year, company boss Daniel Ek is confident that he will be able to win more customers for Spotify. The manager also wants to make an operating profit of around 180 million euros between January and March. That would be more than twice as much as industry experts had expected.

The announced cuts of around 1,500 jobs and reduced marketing budgets had already had a positive impact on the balance sheet at the end of 2023. Adjusted for special effects, Spotify earned 68 million euros in the quarter. The bottom line is that the group recorded a deficit of 70 million euros after a loss of 270 million a year earlier.

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