Spotify’s 7 Million New Subscribers Bumps Revenue Up 20% ...Middle East

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Spotify’s 7 Million New Subscribers Bumps Revenue Up 20%
Spotify added 7 million subscribers in the second quarter, roughly 1 million more than it forecasted, which bolstered revenue and profit margins, the streaming giant said on Tuesday. Spotify reported 3.8 billion euros ($4.15 billion) in total revenue, a 20% increase from the year-ago quarter, with a record high gross margin of 29.2% that beat guidance. Its operating income was up for the second straight quarter to 266 million euros ($289.6 million), which the company said was thanks to a stronger 7% gross margin and lower marketing, personnel and other costs. While Spotify’s 626 million total monthly active users

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