https://techcrunch.com/2018/07/26/spotify-earnings-q2-2018/

Spotify is racing to sign up users before Apple Music can, even at the expense of its finances. Spotify’s second quarter as a public company saw mixed performance compared to estimate as it reached 83 million paid subscribers, up 40 percent year-over-year and up 8 million from its 75 million count last quarter. Spotify now has 180 million total users, coming in at the high end of its guidance with a 5.9 percent quarter-over-quarter growth rate, though it added fewer users than last quarter.

But Spotify saw trouble with its finances. The company had €1.27 billion ($1.49 billion) in revenue, up 26 percent year-over-year and in line with estimates, but it missed big on EPS where it saw a loss of -€2.20 compared to estimates of -€0.68. Spotify lost €394 million this quarter, showing it’s still a ways off from becoming profitable under the heavy strain of its high royalty payments to record labels and artists.