Spotify expects to add 5 million premium subscribers this quarter
Spotify just shared its Q3 forecast, and profits aren't quite where Wall Street hoped—mostly thanks to higher employee taxes and extra marketing costs as it battles Apple and Amazon.
Still, Spotify expects to add five million premium subscribers this quarter, beating earlier predictions.
Spotify's user base keeps growing
Even with rising costs, Spotify's user base keeps growing. They're on track for 281 million premium subscribers and 710 million total users soon.
The company is also doubling down on itself by boosting its share buyback program to $2 billion through 2026.
Revenue is up 10% from last year (now €4.19 billion), though currency swings made it tough to hit forecasts.
Bottom line: Spotify's spending more to stay competitive, but people are still tuning in—and that says a lot about where streaming is headed.