Stockholm: Spotify has reported its third quarter 2024 earnings, demonstrating significant growth across several key performance metrics. The company has made strides towards achieving a full year of profitability, marking a milestone in its financial journey.

According to Spotify, Monthly Active Users (MAUs) increased by 11% year-over-year, reaching a total of 640 million. Subscribers also saw a rise, increasing by 12% year-over-year to 252 million. This growth contributed to a 19% year-over-year increase in total revenue, which amounted to €4 billion.

In terms of profitability, Spotify's Gross Margin improved to 31.1%, while Operating Income rose to €454 million. Founder and CEO Daniel Ek expressed pride in the company's achievements, emphasizing the effective execution by the team and the progress made towards long-term objectives. Ek highlighted the company's commitment to innovation and growth, aiming to enhance user experience and reinforce Spotify's unique strengths in the industry.