Spotify reported second quarter revenues rose 11% to €3.18 billion ($3.51 billion) on strong growth in monthly active users and premium subscribers, but the operating loss in the quarter soared 27% to €247 million ($272.7 million) as a result of laying off some 800 employees and cutting programming and expenses in its podcast division. Investors’ disappointment with executives’ underwhelming forecast and the quarter’s soaring expenses showed in the company’s share price, which was down 14% just after noon in New York on Tuesday, following the release of the company’s second quarter earnings. Spotify Revenues Rise 11% on Larger Than Expected Subscriber Growth in Q2īut just like Christmas, chief executive Daniel Ek told shareholders during a call discussing Spotify’s second quarter results on Tuesday, the benefits of those price hikes will not arrive until December - or the fourth quarter.
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