RTTNews | Apr 28, 2021 06:50AM EDT

06:49 Wednesday, April 28, 2021 (RTTNews.com) - Spotify Technology S.A. (SPOT) Wednesday reported first-quarter net profit of 23 million euros, compared to 1 million euros last year. On a per-share basis, loss widened to 0.25, from 0.20 a year ago.

On average, 25 analysts polled by Thomson Reuters expected the company to report loss 0.47 euros per share.

Revenue for the quarter increased 16 percent to 2.15 billion euros from 1.85 billion euros last year. The company noted that the monthly active users or MAU in the quarter grew 24 percent to 356 million year over year. Analysts expected 2.59 billion.

Looking ahead to the second-quarter total revenue is expected in a range of 2.16-2.36 billion euros. Operating loss is expected to be in a range of 134-54 million.

For 2021, the company expects full-year revenue in a range of 9.11 - 9.51 billion euros. Operating loss is projected to be 250-150 million euros.

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