While Spotify stocks traded high Wednesday, opening at $166.52 per share, peaking at $171.23 and closing at $170, the price dropped over 8 percent during after-hours sell offs down to $155.30 at time of publishing.
Interestingly, the MAU count indicates that 4 million of Spotify's 75 million subscribers pay but don't listen.
As for premium subscribers, 40 percent hail from Europe, 31 percent from North America, 20 percent are from Latin America and 9 percent are from the rest of the world.More news: UK admits cancer screening failure for 450000 women
The company now has 170 million monthly active users in total, the majority using the free, ad-supported version of the service.
For Q1, Spotify notched a 26% YoY increase in revenue to 1.139 billion euros (US$1.36 billion). The company said Wednesday that new subscribers can get that plan, too, though not until the deal rolls out sometime this summer. For the first quarter, Spotify operating loss fell to 41 millions euros, which is equal to nearly $49 million.
As to Spotify's chief competition, Apple Music now boasts more than 40 million paying subscribers. Still, that number came in slightly below Wall Street expectations. Spotify reported a net loss of €169 million (about $201.8 million) for the quarter - barely reducing its losses from €173 million a year prior.
The report contains an update that how many people are using the music service.More news: CVS Health Corp. Q1 adjusted earnings Beat Estimates
Revenue: €1.14 billion ($1.36 billion), in line with Wall Street targets and up 26% from the €902 million of revenue in the year ago period. The main problem has been covering the royalties owed to artists, songwriters and labels that license their music to Spotify's service.
With the latest data Spotify remains far ahead of its closest rival, Apple Music. TME is controlled by internet giant Tencent and also holds a stake in Spotify.
Barry McCarthy, Spotify's chief financial officer, said that advertising revenues rose at a healthy pace except on desktop computers. The result is reportedly a tenth of what Spotify generates from paid subscribers.More news: California Supreme Court Adopts "ABC Test" for Independent Contractors