Spotify Q2 profit forecast misses estimates as payroll taxes weigh down

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Spotify Q2 profit forecast misses estimates as payroll taxes weigh down - Business Standard

Quick Summary:

It expects monthly active users to rise to 689 million in the second quarter, compared with LSEG-compiled estimates of 684.9 million.

While cost-cutting initiatives and price increases have aided profits in recent quarters, its latest earnings took a hit from taxes tied to higher salaries and benefits that jumped sharply due to an increase in the company's stock price.

First-quarter revenue rose 15 per cent to 4.19 billion euros, slightly below LSEG-compiled estimates of 4.20 billion euros.