Spotify (NYSE:SPOT) shares are moving higher in pre-market despite the company reporting weaker-than-expected top- and bottom-line numbers for the first quarter.
Spotify reported a loss per share of €1.16 on revenue of €3.04 billion, missing the consensus for a loss per share of €0.86 on revenue of $3.09B. However, the company reported 515 million monthly active users (MAUs), easily ahead of the 501.6M expected.
The number of total premium subscribers rose 15% year-over-year to 210M, beating the 207.5M expected.
“We had our strongest Q1 since going public in 2018, with nearly all our KPIs surpassing expectations,” Spotify said in a press release.
For this quarter, the company guided to 530M in MAUs, above the 512.9M estimate. Revenue is seen at €3.2B, below the €3.27B expected.
The company also expects to report 217M total premium subscribers, which came in better than the 213.1M expected. Finally, Spotify said it expects a €129M loss, worse than the €126M expected.