RTTNews | Oct 27, 2021 06:47AM EDT

06:47 Wednesday, October 27, 2021 (RTTNews.com) - Spotify Technology S.A. (SPOT) Wednesday reported that its third-quarter net income was 2 million euros, compared to loss of 456 million euros a year ago.

Basic earnings per share were 0.01 euro, compared to loss of 0.53 euro a year ago.

Revenue was 2.50 billion euros, a growth of 27 percent from last year's 1.98 billion euros due to significant strength in advertising. Revenue grew 26 percent on a constant currency basis.

Premium Revenue grew 22 percent, while Ad-Supported Revenue growth was 75 percent.

Total monthly active users or MAUs grew 19 percent to 381 million in the quarter, and Premium Subscribers grew 19 percent.

Looking ahead for the fourth quarter, the company increased the bottom end of the range for total revenue and gross margin, while maintained guidance for Total MAUs, Total Premium Subscribers, and Operating loss.

Total revenue is now expected to be 2.54 billion euros to 2.68 billion euros, and gross margin to be 25.1 percent to 26.1 percent.

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