Priced at $89.99, the device is currently discounted to $49.99.Īt this price point and with increasing supply chain issues, the company could not achieve an attractive economic profile, Chief Executive Daniel Ek said in an interview. Spotify posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), compared to expectations of 2.8 billion euros, according to IBES data from Refinitiv.Ĭar Thing, a dashboard-mounted voice-controlled streaming device, launched in April last year before a wider rollout. Premium subscribers, which account for most of the company's revenue, rose to 188 million, topping analyst expectations of 187 million. it's still a reasonably small amount of our revenue at only 13%,' he said. 'While we do expect advertising to become a much bigger part of our business over the long term. 'We did see a little bit of softness in the last two weeks of the quarter,' Spotify's Chief Financial Officer Paul Vogel said in an interview. Investors have been worried about companies which depend on such revenue after Snapchat owner Snap (NYSE: SNAP) last week warned that advertisers had tightened spending in response to the darkening economic outlook. Ad-supported income rose 31% in the quarter. The Swedish music streaming company's revenue comes from paying subscribers and by playing adverts to users who use its service for free. Its monthly active users rose almost a fifth to 433 million, above expectations of 428 million, and are seen reaching 450 million in the third quarter. The company's shares rose 5% in premarket trading. STOCKHOLM (Reuters) - Spotify (NYSE: SPOT) reported second-quarter revenue above analysts' estimates on Wednesday helped by a 14% jump in paying subscribers, and forecast an upbeat current quarter although it will stop production of its dashboard accessory, Car Thing.

Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close

Car thing spotify uk