Spotify (SPOT) sees gross margin of 29.2%, up 510 basis points y/y

$SPOT Q2 Earnings highlights:

• Total Revenue grew 20% Y/Y to €3.8 billion; on a constant currency* basis, Total Revenue grew 21% Y/Y

• On a constant currency basis, Premium ARPU grew 10% Y/Y (~300 bps of acceleration vs. Q1’24)

• Gross Margin finished at a record high of 29.2% (up 510 bps Y/Y)

• Operating Income finished at a record high of €266 million (a 7.0% margin)