Spotify Q2 results: Subscriber numbers rise, but revenues fall short
Spotify reported its results for the second quarter of this year. While the streaming service gained more subscribers than expected, total revenue and operating profit fell short. Following five million premium subscribers and 678 million users in the first quarter, Spotify added another eight million users this quarter, also exceeding forecasts by three million. Compared to the second quarter of the previous year, the number of premium subscribers increased by 12%, but the number of ad-supported subscribers decreased by 1%.
Overall, Spotify had 696 million monthly active users (MAU) in the second quarter of 2025, an increase of 11% over the same period last year. Of these, 276 million were premium subscribers. The forecast was 689 million MAU and 273 million premium subscribers.
However, total revenue in the second quarter was €4.2 billion and operating profit was €406 million. Both figures were below the forecast of €4.3 billion and €539 million, respectively. The detailed breakdown can be found in this PDF.
Spotify is based in Sweden, which entails some costs that American companies don’t incur. For example, a higher share price led to €98 million higher social security contributions (employer social security contributions) than forecast.
Spotify expects 710 million users in Q3
Spotify also released its third-quarter outlook. The company expects 710 million MAUs (+14 million compared to the same quarter last year) and 281 million premium subscribers (+5 million compared to the previous quarter). However, total revenue is expected to remain unchanged at €4.2 billion, and operating profit is expected to be €485 million. Based on the share price in the second quarter, social security contributions of €25 million are expected.
Additionally, the Board of Directors approved a $1 billion increase to the company’s share repurchase program, bringing the total amount to $2 billion. $104 million of this amount has already been spent on share repurchases. On the platform, the company launched direct purchases of audiobooks on iOS, a new transfer tool, and various other features.
