Spotify misses by 0.35, beats on revs; guides Q2 revs in-line; reaffirms FY19 revs, MAU guidance
- Reports Q1 (Mar) loss of 0.79 per share, 0.35 worse than the S&P Capital IQ Consensus of (0.44); revenues rose 32.7% year/year to 1.51 bln vs the 1.47 bln S&P Capital IQ Consensus.
- MAUs grew 26% Y/Y to 217 million, slightly lower than the midpoint of 215-220 million MAU guidance range.
- Gross Margin was 24.7% in Q1, above the high end of our guidance range of 22.5-24.5%. Outperformance relative to our expectations resulted from a combination of outperformance of Premium Subscribers, slower than anticipated release of original podcast content, and supply constraints of Google Home Mini devices relating to our Family Plan promotion.
- "We launched India in late February expanding our global market footprint to 79 countries. More than 1 million users signed up for Spotify in our first week in the market, and growth has continued to outpace our expectations. We now have more than 2 million users in India."
- Co issues in-line guidance for Q2, sees Q2 revs of 1.51-1.71 bln vs. 1.62 bln S&P Capital IQ Consensus; sees total MAUs of 222-228 million
- Co reaffirms revs & MAU guidance for FY19, sees FY19 revs of 6.35-6.8 bln vs. 6.67 bln S&P Capital IQ Consensus; sees total MAUs of 245-265 million
- Co now sees operating Profit/Loss of (180)-(340) million (Prior (200)-(360) million)
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