(Finance) – Spotifythe Swedish music and podcast streaming giant, closed the first quarter of 2024 with total revenues grew by 20% on an annual basis reaching 3.6 billion euros. The gross margin closed at a Q1 high of 27.6% (up 243 bps Y/Y); gross profit exceeded one billion euros for the first time in history. The Operating income closed at a record level of 168 million euros (a margin of 4.6%).
The monthly active users they grew by 19% on an annual basis reaching 615 million. The subscribers they increased by 14% y/y to 239 million.
“We talked about 2024 as the year of monetization and we are realizing this ambition – said the co-founder and CEO Daniel Ek – Now that we’ve focused on strong revenue growth and margin expansion, let’s look at one clear opportunity to ensure we continue to grow also the top of our funnel. I feel good about the changes we are implementing and remain very confident in our ability to achieve the ambitious plans we have outlined.”