Spotify projected third-quarter operating profit of €670 million, missing analyst estimates of €677.8 million, while its monthly active user forecast of 788 million also fell short of consensus expectations near 793.6 million. The streaming giant expects 305 million premium subscribers for the period, marginally below the 305.3 million analysts anticipated.
The guidance followed a strong second quarter in which operating profit surged 61% to €655 million, beating estimates. Revenue rose 14% year-on-year to €4.78 billion, though that figure was slightly below market forecasts. Premium subscribers grew 9% annually to reach 300 million by the end of June, while monthly active users climbed 12% to 777 million.
Spotify also announced a new licensing deal with Merlin to support a forthcoming paid tool enabling fan-made covers and remixes.