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Spotify stock rises on Q1 earnings, monthly active users surpass estimates

Yahoo Finance

Yahoo Finance Live anchors Brad Smith and Julie Hyman discuss the rise in stock for Spotify following first-quarter earnings.

Video transcript

BRAD SMITH: Let's talk about a company this morning that is perhaps music to investors' ears. Spotify saw its first-quarter growth in monthly active users surpass estimates, helping boost margins with its gross margin coming in above expectations. You're taking a look at shares. Yeah, that's what I'm saying it's music to their ears, perhaps. It's up by about 7% right now.

And some of those key metrics that we were running through just very briefly here, total monthly active users, 515 million monthly active users there. That is an increase sequentially of about 5% but year over year by about 22%. And the ad-supported monthly active users-- because this is going to become amazingly more interesting to track in the overall streaming landscape, whether it's just for your ears for your music and audio or whether it's for some of the other streaming devices that you use or services that you use for video, video on demand. But the ad-supported monthly active users, 317 million, and that's an increase of about 26% year over year there.

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JULIE HYMAN: Yeah, and operating loss-- the company is still losing money.

BRAD SMITH: Yes.

JULIE HYMAN: It did not lose as much money in this quarter as analysts had anticipated, and it's done a lot to reduce costs. Like so many other companies, it has cut workers.

It's getting rid of Heardle. Remember that game where you listen to a little bit of a song and you try and guess what that song is? It's not going to have that anymore. It will not have the live audio app anymore. So it's winding down some of its operations here trying to cut costs, which, you know, obviously is a big, big theme this earnings season and has been for the past couple of months.

BRAD SMITH: I'm upset. I never got to play Heardle.

JULIE HYMAN: You're sad about Heardle?

BRAD SMITH: Yeah. I never got to play it. I thought I would do pretty good.

JULIE HYMAN: Well, I think they're winding-- I don't think it's gone yet.

BRAD SMITH: OK. All right.

JULIE HYMAN: We'll play it in the break. We'll play it in the break.

BRAD SMITH: Done deal.