Spotify (SPOT) Reports Q1 Loss of EUR0.25 on Revenues of EUR2.15B; Offers 2Q & FY21 Revenue Outlook

Spotify (NYSE: SPOT) reported Q1 EPS of (EUR0.25), versus (EUR0.20) reported last year. Revenue for the quarter came in at EUR2.15 billion, versus EUR1.85 billion reported last year.

GUIDANCE:

Spotify sees Q2 2021 revenue of EUR2.16-2.36 billion.

Spotify sees FY2021 revenue of EUR9.11-9.51 billion.

Q2 & 2021 OUTLOOK

The following forward-looking statements reflect Spotify’s expectations as of April 28, 2021 and are subject to substantial uncertainty. The estimates below utilize the same methodology we’ve used in prior quarters with respect to our guidance and the potential range of outcomes. 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 those ranges than typical quarters.

Q2 2021 Guidance:

• Total MAUs: 366-373 million
• Total Premium Subscribers: 162-166 million
• Total Revenue: €2.16-€2.36 billion
  • Assumes approximately 200 bps headwind to growth Y/Y due to movements in foreign exchange rates
• Gross Margin: 23.6-25.6%
• Operating Profit/Loss: €(134)-€(54) million

Full Year 2021 Guidance: We have modestly lowered our Total MAUs range for the full year consistent with the lower than expected Q1 Total MAU growth. Additionally, we have increased our outlook for Total Revenue and Gross Margin, as well as decreased the Operating Loss expectations. Our Premium Subscriber outlook remains unchanged.

• Total MAUs: 402-422 million
• Total Premium Subscribers: 172-184 million
• Total Revenue: €9.11-€9.51 billion
  • Assumes approximately 75 bps headwind to growth Y/Y due to movements in foreign exchange rates
• Gross Margin: 24.0-26.0%
• Operating Profit/Loss: €(250)-€(150) million

For earnings history and earnings-related data on Spotify (SPOT) click here.

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