Spotify Stock Falls Despite Record User Growth

The addition of 36 million net new users - a quarterly record - wasn’t enough for Spotify investors.

Woman using headphones to listen to phone.
(Image credit: Getty Images)

Spotify, the world’s largest music streaming platform by number of subscribers, reported record user growth in its second quarter ended June 30, 2023, but its stock fell by more than 10%.

The company delivered a 27% year-over-year increase in monthly active users (MAUs) to 551 million, an 11% year-over-year increase in revenue to €3.18 billion, but a net loss of €302 million compared with a net loss of €125 million in the year-ago period.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.