Spotify (NYSE:SPOT) shares fell about 8% in early Tuesday trading despite the audio and media streaming company reporting higher-than-expected monthly active users (MAUs) for its second quarter.
The company reported a loss per share of €1.55 on revenue of €3.18 billion, below the consensus for a loss per share of €0.65 on revenue of €3.21B.
“The business performed very well in Q2, led by exceptionally strong MAU and Subscriber results,” the company said in a press release.
Spotify had 220 million subscribers at the end of Q2 following the 27% YoY jump in MAUs to 551M, compared to the consensus for total subs of 217.1M and Q2 MAUs of 529.9M, respectively.
“MAU net additions of 36 million were 21 million above guidance—an all-time high for the company—while Subscriber net additions of 10 million were 3 million ahead of guidance and the highest Q2 in company history.”
For this quarter, the company sees MAUs at 572M, crushing the guidance of 548M. However, Q3 revenue is seen at €3.3B, below the expected 3.42B. Spotify forecast an operating loss of €45M.