• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Spotify Technology S.A. Announces Financial Results for Fourth Quarter 2021

    2/2/22 4:00:00 PM ET
    $SPOT
    Broadcasting
    Consumer Discretionary
    Get the next $SPOT alert in real time by email

    Spotify Technology S.A. (NYSE:SPOT):

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220202005417/en/

    (Graphic: Business Wire)

    (Graphic: Business Wire)

    Dear Shareholders,

    We ended 2021 with strong Q4 results, led by outperformance in MAUs, continued momentum in our subscription business, and meaningful advertising results. Looking back on not just this quarter, but the past few years, we are increasingly excited about the investments we have made and see meaningful progress within a number of our initiatives. As we move into 2022 and beyond, the opportunities in front of us are large and we see a tremendous amount of greenfield on the horizon.

    Fourth Quarter and Full Year 2021 Earnings Highlights

    • MAUs grew 18% Y/Y to 406 million in Q4, near the top end of guidance range.
    • Premium Subscribers grew 16% Y/Y to 180 million in Q4, led by strong promotional campaign performance.
    • Premium ARPU grew 3% Y/Y in Q4 and 1% Y/Y on a constant currency basis.
    • Ad-Supported Revenue reached a record 15% of Total Revenue in Q4.
    • Gross Margin finished at 26.5% in Q4, above the top end of our guidance range.
    • Announced the agreement to acquire Findaway and the acquisition of Whooshkaa in Q4.

    MONTHLY ACTIVE USERS ("MAUs")

    Total MAUs grew 18% Y/Y to 406 million in the quarter, up from 381 million last quarter and near the top end of our guidance range. We saw double digit Y/Y growth in all regions with particular strength in the Rest of World, which was led by strong results in India and Indonesia. Latin America also outperformed expectations.

    On December 1, 2021, we successfully launched the 7th annual year-end Spotify Wrapped campaign to users in 103 markets. Collectively, 120 million MAUs engaged with Wrapped content in Q4 (up 29% Y/Y) and there was strong Y/Y growth in engagement across all regions and demographics. The campaign trended worldwide with nearly 60 million shares of Wrapped stories and cards, triggering significant levels of consumption across our two personalized playlists (Your Top Songs and Your Artists Revealed) which were responsible for almost 8% of total on-platform consumption hours within 48 hours of launch.

    PREMIUM SUBSCRIBERS

    Our Premium Subscribers grew 16% Y/Y to 180 million in the quarter, up from 172 million last quarter and near the top end of the guidance range. All regions contributed to growth, led by Europe and Latin America on an absolute Q/Q basis. Additionally, we tested a shortened holiday promotional campaign for our Standard plan (4 weeks vs. 6 weeks in Q4 2020) which shifted typical gross intake seasonality. Despite the two fewer weeks, campaign performance exceeded expectations.

    This quarter we also added several major promotional partnerships, including Xiaomi (Spotify preloads on the world's second largest phone manufacturer), Shopee (offering 3 month trials with the number one eCommerce platform in Southeast Asia), Visa (offering 3 month trials in India for credit and debit cardholders), and TecToy (Spotify preloads on TecToy mobile devices in Brazil and 3 month trials available for TecToy customers who make an audio or technology portfolio product purchase). Additionally, we renewed our reseller partnership with KPN, the Netherlands' leading telecom operator.

    FINANCIAL METRICS

    Revenue

    Revenue of €2,689 million grew 24% Y/Y in Q4 (or 20% Y/Y on a constant currency basis) and was above the top end of our guidance range due to significant strength in advertising and favorable FX movements. Premium Revenue grew 22% Y/Y to €2,295 million (or 18% Y/Y constant currency) while Ad-Supported Revenue was particularly strong, growing 40% Y/Y to €394 million (or 34% Y/Y constant currency).

    Within Premium, average revenue per user ("ARPU") of €4.40 in Q4 was up 3% Y/Y (or up 1% Y/Y constant currency). Excluding the impact of FX, we saw a benefit to ARPU primarily from our price increases.

    Ad-Supported Revenue reached a record 15% of total revenues in the quarter and continued to benefit from higher sold impressions, increased CPMs, and growing demand within the Spotify Audience Network. Podcast revenue strength was led by the Spotify Audience Network, where we saw a significant increase in inventory in conjunction with increased CPMs. Additionally, podcast revenue benefited from strong growth across existing Spotify studios and our exclusive licensing deals.

    During the quarter, we announced the acquisition of Whooshkaa, a podcast technology platform that offers a specialized tool for radio broadcasters to turn their existing audio content into on-demand podcast content. This technology will be integrated into the Megaphone suite which will bring more third-party content into the Spotify Audience Network, connect advertisers to more audiences, and allow radio broadcasters to expand their reach and increase monetization.

    Gross Margin

    Gross Margin finished at 26.5% in Q4, above the top end of our guidance range and flat versus the prior year period. The Gross Margin trend reflected a favorable revenue mix shift towards podcasts, marketplace activity, and Other Cost of Revenue efficiencies (e.g. payment fees, streaming delivery costs), which were offset by higher non-music and other content costs and publishing rate increases. As a reminder, our Q4 2020 Gross Margin benefited from adjustments to estimated music royalties that positively impacted Gross Margin by nearly 60 bps.

    Premium Gross Margin was 29.2% in Q4, up 33 bps Y/Y, and Ad-Supported Gross Margin was 10.8% in Q4, or flat Y/Y. As a reminder, all content costs related to podcast investment are included in the Ad-Supported business for the current and historical periods.

    Operating Expenses

    Operating Expenses totaled €719 million in Q4, an increase of 12% Y/Y. Social Charges were above forecast given the increase in our share price during the quarter. Additionally, personnel costs came in lower than expected as well as certain marketing expenses. Excluding the impact of Social Charge movements, Operating Expenses were better than forecast and contributed to positive Operating Income in the quarter.

    As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits, including share-based compensation. We are subject to social taxes in several countries in which we operate, although Sweden accounts for the bulk of the social costs. We don't forecast stock price changes in our guidance so upward or downward movements will impact our reported operating expenses.

    At the end of Q4, our workforce consisted of 7,690 FTEs globally.

    Free Cash Flow

    Free Cash Flow was €103 million in Q4, a €29 million increase Y/Y primarily due to an increase in net income adjusted for non-cash items, partially offset by higher working capital needs arising from higher podcast-related payments and licensor payments. Capital expenditures decreased €19 million due to finalization of various office build-outs in New York City, Singapore, and Los Angeles.

    At the end of Q4, we maintained a strong liquidity position with €3.6 billion in cash and cash equivalents, restricted cash, and short term investments.

    PRODUCT AND PLATFORM UPDATES

    Two-Sided Marketplace

    The Two-Sided Marketplace exceeded our contribution expectations for Q4 and full year 2021 due to continued adoption of paid marketplace tools. Additionally, in October we announced a new integration with Shopify that enables artists to link their Shopify store to their Spotify for Artists account and post merchandise on their artist profile for fans around the world.

    Podcasting

    At the end of Q4, we had 3.6 million podcasts on the platform (up from 3.2 million at the end of Q3) and were pleased to see a double digit increase in the number of MAUs that engaged with podcast content relative to Q3. Among MAUs that engaged with podcasts in Q4, consumption trends remained strong (up 20% Y/Y on a per user basis) and podcast share of overall consumption hours on our platform reached another all-time high. We also expanded our paid podcast subscriptions to creators and listeners in 33 additional markets and enabled podcasts for users in Russia, Egypt, and Saudi Arabia.

    Product Enhancements

    During the quarter, we introduced several enhancements to our service aimed at driving user engagement, retention, and conversion. These included the rollout of lyrics on mobile, desktop, and smart TV platforms and extensions to our ubiquity strategy such as support for Alexa in Saudi Arabia and United Arab Emirates, a partnership with Peloton to match users with an instructor based on their listening taste, an audio playback widget with Vivo, and an integration with Apple's SharePlay product which allows Spotify Premium users to share their favorite content over FaceTime to enjoy a shared listening experience.

    Audiobooks

    During the quarter, we also accelerated our entry into the audiobook space through the announcement of the agreement to acquire Findaway, a global leader in digital audiobook distribution. The closing of the transaction is subject to regulatory review and approval.

    Q1 2022 OUTLOOK

    We are re-aligning our current guidance practice to better reflect how we run the business. Since the vast majority of our initiatives are multi-year in nature and measured as such, we no longer plan to issue annual guidance. However, we intend to utilize quarterly guidance as checkpoints against our progress and will provide additional thoughts and perspective around 2022 expectations on our earnings call. As for quarterly guidance, going forward we will simplify our approach by providing a single estimate for each metric instead of a range of outcomes. Additionally, we plan to host an investor day later in 2022 to offer an update on the strength of our platform and our advancement towards our long-term operating goals.

    The following forward-looking statements reflect Spotify's expectations for Q1 2022 as of February 2, 2022 and are subject to substantial uncertainty. Given the extraordinary operating circumstances we currently face with respect to the impact of COVID-19, there is a greater likelihood of variances with respect to such point estimates than in typical quarters.

    • Total MAUs: 418 million
    • Total Premium Subscribers: 183 million
    • Total Revenue: €2.60 billion
      • Assumes approximately 360 bps tailwind to growth Y/Y due to movements in foreign exchange rates
    • Gross Margin: 25.0%
    • Operating Profit/Loss: €(67) million

    SHARE REPURCHASE PROGRAM

    On August 20, 2021, Spotify announced a program to repurchase up to $1.0 billion of its ordinary shares. The repurchase program will expire on April 21, 2026. In Q4, the company repurchased 300,724 ordinary shares for €59 million under the Share Repurchase program at a weighted average cost of $222.42 per share. In 2021 the company repurchased a total of 458,234 ordinary shares for €89 million at a weighted average cost of $222.57 per share.

    EARNINGS QUESTION & ANSWER SESSION

    We will host a live question and answer session starting at 4:30 p.m. ET today on investors.spotify.com. Daniel Ek, our Founder and CEO, and Paul Vogel, our Chief Financial Officer, will be on hand to answer questions submitted through slido.com using the event code #SpotifyEarningsQ421. Participants also may join using the listen-only conference line by registering through the following site:

    Direct Event Registration Portal: https://conferencingportals.com/event/txExvogt

    We use investors.spotify.com and newsroom.spotify.com websites as well as other social media listed in the "Resources – Social Media" tab of our Investors website to disclose material company information.

    Use of Non-IFRS Measures

    To supplement our financial information presented in accordance with IFRS, we use the following non-IFRS financial measures: Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, and Free Cash Flow. Management believes that Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, and Ad-Supported revenue excluding foreign exchange effect are useful to investors because they present measures that facilitate comparison to our historical performance. However, Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, and Ad-Supported revenue excluding foreign exchange effect should be considered in addition to, not as a substitute for or superior to, Revenue, Premium revenue, Ad-Supported revenue or other financial measures prepared in accordance with IFRS. Management believes that Free Cash Flow is useful to investors because it presents a measure that approximates the amount of cash generated that is available to repay debt obligations, to make investments, and for certain other activities that exclude certain infrequently occurring and/or non-cash items. However, Free Cash Flow should be considered in addition to, not as a substitute for or superior to, net cash flows (used in)/from operating activities or other financial measures prepared in accordance with IFRS. For more information on these non-IFRS financial measures, please see "Reconciliation of IFRS to Non-IFRS Results" table.

    Forward Looking Statements

    This shareholder letter contains estimates and forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible," and similar words are intended to identify estimates and forward-looking statements.

    Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors may adversely affect our results as indicated in forward-looking statements. These factors include, but are not limited to: our ability to attract prospective users, retain existing users, and monetize our products and services; competition for users, user listening time, and advertisers; risks associated with our international operations and our ability to manage our growth; our emphasis on innovation and long-term user engagement over short-term results; our ability to predict, recommend, and play content that our users enjoy; our ability to be profitable or generate positive cash flow on a sustained basis; our ability to convince advertisers of the benefits of our advertising offerings; our ability to forecast or optimize advertising inventory amid emerging industry trends in digital advertising; our ability to generate revenues from podcasts and other non-music content; potential disputes or liabilities associated with content made available on our Service; risks relating to acquisitions, investments, and strategic alliances; the impact of the COVID-19 pandemic and other public health crises; our dependence upon third-party licenses for most of the content we stream; our lack of control over third-party content providers who are concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements; our ability to accurately estimate royalty payments under our license agreements and relevant statutes; the limitations on our operating flexibility due to financial commitments required under certain of our license agreements; our ability to identify the compositions and ownership thereof embodied in sound recordings in order to obtain licenses or comply with existing license agreements; assertions by third parties of infringement or other violations by us of their intellectual property rights; our ability to protect our intellectual property; the dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to maintain user data security; undetected errors, bugs or vulnerabilities in our products; interruptions, delays, or discontinuations in service arising from our systems or systems of third parties; changes in laws or regulations affecting us; risks relating to privacy and data security; our ability to maintain, protect, and enhance our brand; our ability to achieve our net zero emissions target or make progress in other environmental, social, and governance initiatives; payment-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly skilled employees; our ability to access to capital to support growth; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic, social, or political conditions; our ability to accurately estimate user metrics and other estimates; our ability to manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to certain features of our Service; risks related to our Exchangeable Notes; tax-related risks; the concentration of voting power among our founders, which limits shareholders' ability to influence our governance and business; and risks related to our status as a foreign private issuer and a Luxembourg company. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our estimates and forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 20-F filed with the SEC on February 5, 2021, as updated by subsequently filed Annual Reports or reports for our interim results on Form 6-K. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this shareholder letter.

    Rounding

    Certain monetary amounts, percentages, and other figures included in this letter have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding.

    Consolidated statement of operations

    (Unaudited)

    (in € millions, except share and per share data)

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

    2021

     

    September 30,

    2021

     

    December 31,

    2020

     

    December 31,

    2021

     

    December 31,

    2020

    Revenue

     

    2,689

     

     

    2,501

     

     

    2,168

     

     

    9,668

     

     

    7,880

     

    Cost of revenue

     

    1,977

     

     

    1,833

     

     

    1,593

     

     

    7,077

     

     

    5,865

     

    Gross profit

     

    712

     

     

    668

     

     

    575

     

     

    2,591

     

     

    2,015

     

    Research and development

     

    253

     

     

    208

     

     

    232

     

     

    912

     

     

    837

     

    Sales and marketing

     

    340

     

     

    280

     

     

    294

     

     

    1,135

     

     

    1,029

     

    General and administrative

     

    126

     

     

    105

     

     

    118

     

     

    450

     

     

    442

     

     

     

    719

     

     

    593

     

     

    644

     

     

    2,497

     

     

    2,308

     

    Operating (loss)/income

     

    (7

    )

     

    75

     

     

    (69

    )

     

    94

     

     

    (293

    )

    Finance income

     

    20

     

     

    101

     

     

    4

     

     

    246

     

     

    94

     

    Finance costs

     

    (21

    )

     

    (14

    )

     

    (114

    )

     

    (91

    )

     

    (510

    )

    Finance income/(costs) - net

     

    (1

    )

     

    87

     

     

    (110

    )

     

    155

     

     

    (416

    )

    (Loss)/income before tax

     

    (8

    )

     

    162

     

     

    (179

    )

     

    249

     

     

    (709

    )

    Income tax expense/(benefit)

     

    31

     

     

    160

     

     

    (54

    )

     

    283

     

     

    (128

    )

    Net (loss)/income attributable to owners of the parent

     

    (39

    )

     

    2

     

     

    (125

    )

     

    (34

    )

     

    (581

    )

    (Loss)/earnings per share attributable to owners of the parent

     

     

     

     

     

     

     

     

     

     

    Basic

     

    (0.20

    )

     

    0.01

     

     

    (0.66

    )

     

    (0.18

    )

     

    (3.10

    )

    Diluted

     

    (0.21

    )

     

    (0.41

    )

     

    (0.66

    )

     

    (1.03

    )

     

    (3.10

    )

    Weighted-average ordinary shares outstanding

     

     

     

     

     

     

     

     

     

     

    Basic

     

    191,952,473

     

     

    191,485,473

     

     

    189,852,424

     

     

    191,298,397

     

     

    187,583,307

     

    Diluted

     

    192,144,654

     

     

    194,551,862

     

     

    189,852,424

     

     

    193,943,455

     

     

    187,583,307

     

    Consolidated statement of financial position

    (Unaudited)

    (in € millions)

     

     

    December 31, 2021

     

    December 31, 2020

    Assets

     

     

     

     

    Non-current assets

     

     

     

     

    Lease right-of-use assets

     

    437

     

     

    444

     

    Property and equipment

     

    372

     

     

    313

     

    Goodwill

     

    894

     

     

    736

     

    Intangible assets

     

    89

     

     

    97

     

    Long term investments

     

    916

     

     

    2,277

     

    Restricted cash and other non-current assets

     

    77

     

     

    78

     

    Deferred tax assets

     

    13

     

     

    15

     

     

     

    2,798

     

     

    3,960

     

    Current assets

     

     

     

     

    Trade and other receivables

     

    621

     

     

    464

     

    Income tax receivable

     

    5

     

     

    4

     

    Short term investments

     

    756

     

     

    596

     

    Cash and cash equivalents

     

    2,744

     

     

    1,151

     

    Other current assets

     

    246

     

     

    151

     

     

     

    4,372

     

     

    2,366

     

    Total assets

     

    7,170

     

     

    6,326

     

    Equity and liabilities

     

     

     

     

    Equity

     

     

     

     

    Share capital

     

    —

     

     

    —

     

    Other paid in capital

     

    4,746

     

     

    4,583

     

    Treasury shares

     

    (260

    )

     

    (175

    )

    Other reserves

     

    853

     

     

    1,687

     

    Accumulated deficit

     

    (3,220

    )

     

    (3,290

    )

    Equity attributable to owners of the parent

     

    2,119

     

     

    2,805

     

    Non-current liabilities

     

     

     

     

    Exchangeable Notes

     

    1,202

     

     

    —

     

    Lease liabilities

     

    579

     

     

    577

     

    Accrued expenses and other liabilities

     

    37

     

     

    42

     

    Provisions

     

    7

     

     

    2

     

     

     

    1,825

     

     

    621

     

    Current liabilities

     

     

     

     

    Trade and other payables

     

    793

     

     

    638

     

    Income tax payable

     

    23

     

     

    9

     

    Deferred revenue

     

    458

     

     

    380

     

    Accrued expenses and other liabilities

     

    1,841

     

     

    1,748

     

    Provisions

     

    22

     

     

    20

     

    Derivative liabilities

     

    89

     

     

    105

     

     

     

    3,226

     

     

    2,900

     

    Total liabilities

     

    5,051

     

     

    3,521

     

    Total equity and liabilities

     

    7,170

     

     

    6,326

    Consolidated statement of cash flows

    (Unaudited)

    (in € millions)

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

    2021

     

    September 30,

    2021

     

    December 31,

    2020

     

    December 31,

    2021

     

    December 31,

    2020

    Operating activities

     

     

     

     

     

     

     

     

     

     

    Net (loss)/income

     

    (39

    )

     

    2

     

     

    (125

    )

     

    (34

    )

     

    (581

    )

    Adjustments to reconcile net (loss)/income to net cash flows

     

     

     

     

     

     

     

     

     

     

    Depreciation of property and equipment and lease right-of-use assets

     

    25

     

     

    24

     

     

    21

     

     

    94

     

     

    86

     

    Amortization of intangible assets

     

    8

     

     

    9

     

     

    8

     

     

    33

     

     

    25

     

    Share-based compensation expense

     

    50

     

     

    57

     

     

    43

     

     

    223

     

     

    176

     

    Finance income

     

    (20

    )

     

    (101

    )

     

    (4

    )

     

    (246

    )

     

    (94

    )

    Finance costs

     

    21

     

     

    14

     

     

    114

     

     

    91

     

     

    510

     

    Income tax expense/(benefit)

     

    31

     

     

    160

     

     

    (54

    )

     

    283

     

     

    (128

    )

    Other

     

    3

     

     

    (2

    )

     

    4

     

     

    6

     

     

    7

     

    Changes in working capital:

     

     

     

     

     

     

     

     

     

     

    Increase in trade receivables and other assets

     

    (63

    )

     

    (102

    )

     

    (94

    )

     

    (245

    )

     

    (187

    )

    Increase in trade and other liabilities

     

    92

     

     

    82

     

     

    182

     

     

    137

     

     

    425

     

    Increase/(decrease) in deferred revenue

     

    17

     

     

    (4

    )

     

    23

     

     

    67

     

     

    73

     

    Increase/(decrease) in provisions

     

    8

     

     

    (2

    )

     

    —

     

     

    5

     

     

    6

     

    Interest paid on lease liabilities

     

    (13

    )

     

    (13

    )

     

    (12

    )

     

    (50

    )

     

    (55

    )

    Interest received

     

    —

     

     

    1

     

     

    1

     

     

    3

     

     

    4

     

    Income tax paid

     

    (1

    )

     

    (2

    )

     

    —

     

     

    (6

    )

     

    (8

    )

    Net cash flows from operating activities

     

    119

     

     

    123

     

     

    107

     

     

    361

     

     

    259

     

    Investing activities

     

     

     

     

     

     

     

     

     

     

    Business combinations, net of cash acquired

     

    (14

    )

     

    —

     

     

    (194

    )

     

    (115

    )

     

    (336

    )

    Purchases of property and equipment

     

    (16

    )

     

    (25

    )

     

    (35

    )

     

    (85

    )

     

    (78

    )

    Purchases of short term investments

     

    (112

    )

     

    (161

    )

     

    (406

    )

     

    (497

    )

     

    (1,354

    )

    Sales and maturities of short term investments

     

    88

     

     

    63

     

     

    505

     

     

    375

     

     

    1,421

     

    Proceeds from sale of long term investment

     

    144

     

     

    —

     

     

    —

     

     

    144

     

     

    —

     

    Change in restricted cash

     

    —

     

     

    1

     

     

    2

     

     

    1

     

     

    2

     

    Other

     

    (3

    )

     

    1

     

     

    (4

    )

     

    (10

    )

     

    (27

    )

    Net cash flows from/(used in) investing activities

     

    87

     

     

    (121

    )

     

    (132

    )

     

    (187

    )

     

    (372

    )

    Financing activities

     

     

     

     

     

     

     

     

     

     

    Payments of lease liabilities

     

    (10

    )

     

    (9

    )

     

    (8

    )

     

    (35

    )

     

    (24

    )

    Lease incentives received

     

    —

     

     

    7

     

     

    7

     

     

    7

     

     

    20

     

    Proceeds from exercise of stock options

     

    64

     

     

    26

     

     

    45

     

     

    167

     

     

    319

     

    Proceeds from issuance of Exchangeable Notes, net of costs

     

    —

     

     

    —

     

     

    —

     

     

    1,223

     

     

    —

     

    Proceeds from issuance of warrants

     

    —

     

     

    31

     

     

    —

     

     

    31

     

     

    —

     

    Repurchases of ordinary shares

     

    (65

    )

     

    (24

    )

     

    —

     

     

    (89

    )

     

    —

     

    Payments for employee taxes withheld from restricted stock unit releases

     

    (14

    )

     

    (12

    )

     

    (11

    )

     

    (54

    )

     

    (30

    )

    Net cash flows (used in)/from financing activities

     

    (25

    )

     

    19

     

     

    33

     

     

    1,250

     

     

    285

     

    Net increase in cash and cash equivalents

     

    181

     

     

    21

     

     

    8

     

     

    1,424

     

     

    172

     

    Cash and cash equivalents at beginning of the period

     

    2,512

     

     

    2,440

     

     

    1,182

     

     

    1,151

     

     

    1,065

     

    Net foreign exchange gains/(losses) on cash and cash equivalents

     

    51

     

     

    51

     

     

    (39

    )

     

    169

     

     

    (86

    )

    Cash and cash equivalents at period end

     

    2,744

     

     

    2,512

     

     

    1,151

     

     

    2,744

     

     

    1,151

    Calculation of basic and diluted (loss)/earnings per share

    (Unaudited)

    (in € millions, except share and per share data)

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

    2021

     

    September 30,

    2021

     

    December 31,

    2020

     

    December 31,

    2021

     

    December 31,

    2020

    Basic (loss)/earnings per share

     

     

     

     

     

     

     

     

     

     

    Net (loss)/income attributable to owners of the parent

     

    (39

    )

     

    2

     

     

    (125

    )

     

    (34

    )

     

    (581

    )

    Share used in computation:

     

     

     

     

     

     

     

     

     

     

    Weighted-average ordinary shares outstanding

     

    191,952,473

     

     

    191,485,473

     

     

    189,852,424

     

     

    191,298,397

     

     

    187,583,307

     

    Basic (loss)/earnings per share attributable to owners of the parent

     

    (0.20

    )

     

    0.01

     

     

    (0.66

    )

     

    (0.18

    )

     

    (3.10

    )

     

     

     

     

     

     

     

     

     

     

     

    Diluted loss per share

     

     

     

     

     

     

     

     

     

     

    Net (loss)/income attributable to owners of the parent

     

    (39

    )

     

    2

     

     

    (125

    )

     

    (34

    )

     

    (581

    )

    Fair value gains on dilutive warrants

     

    (2

    )

     

    (30

    )

     

    —

     

     

    (53

    )

     

    —

     

    Fair value gains on dilutive Exchangeable Notes

     

    —

     

     

    (52

    )

     

    —

     

     

    (112

    )

     

    —

     

    Net loss used in the computation of diluted loss per share

     

    (41

    )

     

    (80

    )

     

    (125

    )

     

    (199

    )

     

    (581

    )

    Shares used in computation:

     

     

     

     

     

     

     

     

     

     

    Weighted-average ordinary shares outstanding

     

    191,952,473

     

     

    191,485,473

     

     

    189,852,424

     

     

    191,298,397

     

     

    187,583,307

     

    Warrants

     

    192,181

     

     

    154,889

     

     

    —

     

     

    220,137

     

     

    —

     

    Exchangeable Notes

     

    —

     

     

    2,911,500

     

     

    —

     

     

    2,424,921

     

     

    —

     

    Diluted weighted-average ordinary shares

     

    192,144,654

     

     

    194,551,862

     

     

    189,852,424

     

     

    193,943,455

     

     

    187,583,307

     

    Diluted loss per share attributable to owners of the parent

     

    (0.21

    )

     

    (0.41

    )

     

    (0.66

    )

     

    (1.03

    )

     

    (3.10

    )

    Reconciliation of IFRS to Non-IFRS Results

    (Unaudited)

    (in € millions, except percentages)

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

    2021

     

    December 31,

    2020

     

    December 31,

    2021

     

    December 31,

    2020

    IFRS revenue

     

    2,689

     

     

    2,168

     

    9,668

     

     

    7,880

    Foreign exchange effect on 2021 revenue using 2020 rates

     

    79

     

     

     

     

    (101

    )

     

     

    Revenue excluding foreign exchange effect

     

    2,610

     

     

     

     

    9,769

     

     

     

    IFRS revenue year-over-year change %

     

    24

    %

     

     

     

    23

    %

     

     

    Revenue excluding foreign exchange effect year-over-year change %

     

    20

    %

     

     

     

    24

    %

     

     

    IFRS Premium revenue

     

    2,295

     

     

    1,887

     

    8,460

     

     

    7,135

    Foreign exchange effect on 2021 Premium revenue using 2020 rates

     

    62

     

     

     

     

    (80

    )

     

     

    Premium revenue excluding foreign exchange effect

     

    2,233

     

     

     

     

    8,540

     

     

     

    IFRS Premium revenue year-over-year change %

     

    22

    %

     

     

     

    19

    %

     

     

    Premium revenue excluding foreign exchange effect year-over-year change %

     

    18

    %

     

     

     

    20

    %

     

     

    IFRS Ad-Supported revenue

     

    394

     

     

    281

     

    1,208

     

     

    745

    Foreign exchange effect on 2021 Ad-Supported revenue using 2020 rates

     

    17

     

     

     

     

    (21

    )

     

     

    Ad-Supported revenue excluding foreign exchange effect

     

    377

     

     

     

     

    1,229

     

     

     

    IFRS Ad-Supported revenue year-over-year change %

     

    40

    %

     

     

     

    62

    %

     

     

    Ad-Supported revenue excluding foreign exchange effect year-over-year change %

     

    34

    %

     

     

     

    65

    %

     

     

    Free Cash Flow

    (Unaudited)

    (in € millions)

     

     

    Three months ended

     

    Twelve months ended

     

     

    December 31,

    2021

     

    September 30,

    2021

     

    December 31,

    2020

     

    December 31,

    2021

     

    December 31,

    2020

    Net cash flows from operating activities

     

    119

     

     

    123

     

     

    107

     

     

    361

     

     

    259

     

    Capital expenditures

     

    (16

    )

     

    (25

    )

     

    (35

    )

     

    (85

    )

     

    (78

    )

    Change in restricted cash

     

    —

     

     

    1

     

     

    2

     

     

    1

     

     

    2

     

    Free Cash Flow

     

    103

     

     

    99

     

     

    74

     

     

    277

     

     

    183

     

    1Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005417/en/

    Get the next $SPOT alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $SPOT

    DatePrice TargetRatingAnalyst
    4/21/2025$660.00Peer Perform → Outperform
    Wolfe Research
    3/28/2025$645.00Sector Perform
    FBN Securities
    3/26/2025$740.00Buy
    China Renaissance
    3/11/2025$230.00 → $545.00Neutral
    Redburn Atlantic
    2/5/2025Buy → Neutral
    Rosenblatt
    1/17/2025Outperform → Peer Perform
    Wolfe Research
    11/13/2024$510.00 → $565.00Buy
    Pivotal Research Group
    9/19/2024$460.00 → $510.00Buy
    Pivotal Research Group
    More analyst ratings

    $SPOT
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Spotify Technology S.A. Releases Results for First Quarter 2025

      Spotify Technology S.A. (NYSE:SPOT) has released its financial results for the first quarter of 2025 today. Please visit investors.spotify.com to view the Shareholder Deck and other supplemental materials. As previously announced, the company will host a live question and answer session to discuss first quarter 2025 results at 8:00 a.m. Eastern Time. The session will be led by Daniel Ek, our Co-Founder and Chief Executive Officer, and Christian Luiga, our Chief Financial Officer. Questions can be submitted by going to slido.com and using the code #SpotifyEarningsQ125. What: Spotify First Quarter 2025 Financial Results Q&A Webcast When: Tuesday, April 29, 2025 Time: 8:00 a.m. Eastern Time

      4/29/25 6:30:00 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • Spotify Technology S.A. to Announce Results for First Quarter 2025

      Spotify Technology S.A. (NYSE:SPOT) will post its first quarter 2025 results and deck to shareholders on Tuesday, April 29, 2025 before market open. The company will hold a question and answer session to discuss first quarter 2025 results at 8:00 am Eastern Time. Management will answer questions submitted via Slido. Questions may be submitted on the day of the call at www.slido.com using the event code #SpotifyEarningsQ125. A live webcast of the earnings call will be accessible at investors.spotify.com and a recording of the webcast will be available following the session. About Spotify Technology S.A. Spotify's platform revolutionized music listening forever when we launched in 2008. T

      3/27/25 8:00:00 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • NYSE CONTENT ADVISORY: New York Stock Exchange Partnership Network Update

      NEW YORK, March 10, 2025 /PRNewswire/ -- At the inaugural New York Stock Exchange Partnership Day, the NYSE put out a call to action by bringing together leading media partners, publishers, ad tech leaders, content creators, agencies, and platforms to launch the NYSE Partnership Network. Here is what can happen when Community, Content, Commercial, + Connection come together. Experience the full interactive Multichannel News Release here: https://www.multivu.com/nyse/9315752-en-new-york-stock-exchange-partnership-network-update Firefly Aerospace Spacecraft Program Director Ray Allensworth joins NYSE TV Live: Shortly after Firefly Aerospace's Blue Ghost Mission 1 successfully achieved a lunar

      3/10/25 8:50:00 AM ET
      $ICE
      $SPOT
      Investment Bankers/Brokers/Service
      Finance
      Broadcasting
      Consumer Discretionary

    $SPOT
    SEC Filings

    See more
    • SEC Form 144 filed by Spotify Technology S.A.

      144 - Spotify Technology S.A. (0001639920) (Subject)

      5/6/25 9:41:38 PM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • SEC Form 144 filed by Spotify Technology S.A.

      144 - Spotify Technology S.A. (0001639920) (Subject)

      5/6/25 9:38:36 PM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • Amendment: SEC Form SCHEDULE 13G/A filed by Spotify Technology S.A.

      SCHEDULE 13G/A - Spotify Technology S.A. (0001639920) (Subject)

      4/30/25 6:57:45 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary

    $SPOT
    Financials

    Live finance-specific insights

    See more
    • Spotify Technology S.A. to Announce Financial Results for Third Quarter 2024

      Spotify Technology S.A. (NYSE:SPOT) will post its third quarter 2024 financial results and deck to shareholders on Tuesday, November 12, 2024 after market close. The company will hold a question and answer session to discuss third quarter 2024 financial results at 5:00 pm Eastern Time. Management will answer questions submitted via Slido. Questions may be submitted on the day of the call at www.slido.com using the event code #SpotifyEarningsQ324. A live webcast of the earnings call will be accessible at investors.spotify.com and a recording of the webcast will be available following the session. About Spotify Technology S.A. Spotify's platform revolutionized music listening forever when

      9/26/24 5:00:00 PM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • Spotify Technology S.A. to Announce Financial Results for Third Quarter 2022

      Spotify Technology S.A. (NYSE:SPOT) will post its third quarter 2022 financial results and deck to shareholders on Tuesday, October 25, 2022 after market close. The company will hold a question and answer session to discuss third quarter 2022 financial results at 4:30 pm Eastern Time. Management will answer questions submitted via Slido. Questions may be submitted on the day of the call at www.slido.com using the event code #SpotifyEarningsQ322. A live webcast of the earnings call will be accessible at investors.spotify.com and a recording of the webcast will be available following the session. About Spotify Technology S.A. Spotify is the world's most popular audio streaming subscriptio

      10/3/22 6:00:00 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • Spotify Technology S.A. Announces Financial Results for First Quarter 2022

      Spotify Technology S.A. (NYSE:SPOT): This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005371/en/(Graphic: Business Wire) Dear Shareholders, Our business exhibited strength and resiliency in Q1. Nearly all of our key metrics surpassed guidance, led by MAU outperformance, healthy revenue growth, and better Gross Margin. Excluding the impact of our exit from Russia, subscriber growth exceeded expectations as well. Overall, we are very pleased with the performance of the business and remain highly encouraged by the traction we are seeing. First Quarter 2022 Earnings Highlights MAUs grew 19% Y/Y to 422 million or 419 million e

      4/27/22 6:00:00 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary

    $SPOT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Spotify Technology S.A. (Amendment)

      SC 13G/A - Spotify Technology S.A. (0001639920) (Subject)

      2/16/24 4:29:43 PM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Spotify Technology S.A. (Amendment)

      SC 13G/A - Spotify Technology S.A. (0001639920) (Subject)

      2/14/24 10:03:03 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Spotify Technology S.A. (Amendment)

      SC 13G/A - Spotify Technology S.A. (0001639920) (Subject)

      2/9/24 7:39:23 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary

    $SPOT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Spotify upgraded by Wolfe Research with a new price target

      Wolfe Research upgraded Spotify from Peer Perform to Outperform and set a new price target of $660.00

      4/21/25 8:31:14 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • FBN Securities initiated coverage on Spotify with a new price target

      FBN Securities initiated coverage of Spotify with a rating of Sector Perform and set a new price target of $645.00

      3/28/25 8:20:57 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary
    • China Renaissance initiated coverage on Spotify with a new price target

      China Renaissance initiated coverage of Spotify with a rating of Buy and set a new price target of $740.00

      3/26/25 7:51:16 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary

    $SPOT
    Leadership Updates

    Live Leadership Updates

    See more
    • Comstock Welcomes Inova 360° Concierge Medicine to The Row at Reston Station

      New location to provide personalized healthcare option for the greater Reston community Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today the signing of a 4,505 square foot lease with Inova 360° Concierge Medicine ("Inova") at 1880 Reston Row Plaza, located within The Row at Reston Station. Inova 360° Concierge Medicine is designed for individuals seeking a proactive and individualized approach to their primary care. Patients receive comprehensive one-on-one care from trained medical professionals with access to advanced technology and

      12/4/24 9:00:00 AM ET
      $CHCI
      $GOOGL
      $ICFI
      $SPOT
      Real Estate
      Finance
      Computer Software: Programming Data Processing
      Technology
    • Comstock Announces Kickoff to Summerbration 2024 at Reston Station

      Celebrate Summer with Free Concerts, Movies, Fitness, and Family Fun Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced that the highly anticipated Summerbration concert and event series at Reston Station Metro Plaza will kick off on May 24th and run through September 13th. Summerbration is an annual celebration of everything summer hosted at Comstock's Reston Station that showcases an array of free concerts, movies, family-friendly activities, and wellness events. Reston Station will come alive every Friday evening with the Fab Fridays Live M

      5/16/24 4:10:00 PM ET
      $CHCI
      $GOOGL
      $ICFI
      $SPOT
      Real Estate
      Finance
      Computer Software: Programming Data Processing
      Technology
    • Christian Luiga Named Spotify Chief Financial Officer

      Spotify Technology S.A. (NYSE:SPOT) today announced the appointment of Christian Luiga as its new Chief Financial Officer. Christian joins Spotify from Saab AB, a European defense and security company, where he served as Deputy Chief Executive Officer and Chief Financial Officer. Prior to joining Saab AB, Christian also held several key leadership roles including CFO and acting CEO and President at European telecommunications company, Telia. He will be based in Sweden and have responsibility for the following functions: financial planning and analysis, audit and risk, investor relations, accounting, corporate development, tax and treasury. The company currently plans for Christian to join i

      4/4/24 7:30:00 AM ET
      $SPOT
      Broadcasting
      Consumer Discretionary