May 2, 2018 / 8:12 PM / a year ago

Spotify operating loss narrows in first quarterly report

LONDON, May 2 (Reuters) - Spotify Technology on Wednesday posted quarterly revenue in line with its recent outlook and sharply lower operating losses in the music streaming leader’s first financial report as a publicly traded company.

The Swedish company, which began trading in an unorthodox public stock offering a month ago, reported a first-quarter operating loss of 41 million euros, a 55 percent improvement over the fourth quarter and 71 percent better than a year ago.

Revenue for the latest quarter was 1.139 billion euros ($1.36 billion), up 26 percent from a year earlier, or 37 percent excluding currency effects. That was broadly in line with the 1.10 billion euros to 1.15 billion euros the company had forecast.

Revenue was just shy of the 1.143 billion euro consensus estimate among 13 analysts tracked by Thomson Reuters I/B/E/S.

Spotify said it had 170 million active monthly users at the end of March, up 30 percent from the year-ago quarter. This included 75 million paying subscribers, up 45 percent year-on-year, from which the company generates the vast majority of its revenue.

The 75 million subscriber figure was slightly above the 74.43 million consensus estimate of analysts polled by Thomson Reuters. ($1 = 0.8364 euros) (Reporting by Eric Auchard in London and Munsif Vengattil in Bengaluru; Additional reporting by Olof Swahnberg and Helena Soderpalm in Stockholm Editing by Bill Rigby)

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