.Spotify reported in its first quarter financial results. Here are the highlights.
Though it says it "remains very healthy," the streaming leader forecasts lower ad revenue during the COVID-19 pandemic.
Of that revenue tally, the vast majority came from subscriber income, which grew 23% to €1.7 billion , slightly outperforming the company's expectations. Ad-supported revenues in the final three weeks of the quarter were down more than 20% forecasted levels. Spotify said it has revised its year-end estimates as a result.
Reflecting on the impact of COVID-19, the company said it saw a"notable decline" in daily active users in hard hit European markets like Italy and Spain beginning in late February. However, in the last few weeks listening numbers had started to rebound"and in many markets, consumption has meaningfully recovered."
The impact of coronavirus was also mitigated by a reduction in travel expenses and spending on events and campaigns. As a result of the pandemic, Spotify said it has taken steps to slow staff hiring for the rest of the year until it can better access the economic impact of COVID-19.
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