Daniel Ek is laughing all the way to the bank. Spotify made record profits in the first quarter of the year with a marked increase in profitability, and as a result, the share price has soared on the stock exchange.
A nice way to celebrate its 18th birthday, it seems, and according to BBC News, it was a seemingly satisfied Daniel Ek who presented today's results, and the near 20% increase in revenue is, according to him, in line with expectations.
However, the profit of over €1 billion was less than hoped for, as was the global number of users, which is now reported to be 615 million. However, Mr Ek believes the numbers will continue to rise in the future.
The forecast for the second quarter of the year from the company's management is now to increase profits further and the number of users to 631 million. Ek also mentions increased flexibility for customer offers in the future.
It should be said that this does come after the streaming service also axed around 1,500 jobs in December last year.
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