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PHOTO FILE: The Spotify logo is displayed on a floor screen of the New York Stock Exchange (NYSE) in New York, United States, May 3, 2018. REUTERS / Brendan McDermid / File Photo
(Reuters) – Spotify Technology SA (SPOT.N) released Wednesday a second-quarter revenue better than expected, the streaming music company adding more and more subscribers to its premium service.
Spotify now has 108 million premium subscribers, up 30% from the previous year. Premium subscriber revenues, which account for nearly 90% of its total business turnover, reached 1.50 billion euros (1.67 billion USD) during the quarter.
Since launching its service more than a decade ago, Spotify has overcome the resistance of major labels and some major music artists to transform the way people listen to music.
However, it still faces intense competition from Apple Inc. (AAPL.O) and others.
Revenues for the quarter ended June 30 reached 1.67 billion euros, against 1.27 billion euros a year ago, exceeding badysts' estimates to 1.64 billion euros, according to reports. IBES data from Refinitiv.
The attributable net loss was reduced to € 76 million, or € 0.42 per share, compared with € 394 million, or € 2.20 per share, a year earlier.
Report by Sayanti Chakraborty in Bengaluru; Edited by Arun Koyyur
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