The world's number one music streaming company, the Swedish Spotify, on Wednesday announced a rare net profit in the first quarter, thanks to the paradoxical effect of the recent drop in its share on the New York Stock Exchange which reduced its compensation costs.
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At the end of March, the number of users reached a total of 356 million, with a 21% increase in the number of paying subscribers over one year, to 158 million, in the upper range of the group's forecasts and close to analysts' expectations. .
In the first quarter, Spotify went green with a small net profit of 23 million euros, compared to a loss of 145 million a year earlier, while revenue grew 16% year on year, to 2.15 billion euros, indicates the audio platform in its quarterly report.
In February, Spotify announced its launch in more than 80 new countries with a population of one billion, including highly populated countries such as Nigeria, Pakistan and Bangladesh.
These launches have brought its presence to the vast majority of countries around the world - nearly 170.
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Since its IPO in 2018, this is only the fifth quarter in the green for Spotify, which has never posted a full-year net profit despite its success in the online music market.
Last year, the Swedish flagship of online music had tripled its net loss to 581 million euros, due in particular to the good performance of its action which made its compensation costs soar.
