-=Spotify (SPOT) reported earnings on Mon 28 Oct 19 (b/o)

Spotify beats by 0.65, reports revs in-line, MAUs 248 mln; guides Q4 revs in-line, CFO stepping down

Reports Q3 (Sep) earnings of 0.36 per share, 0.65 better than the S&P Capital IQ Consensus of (0.29); revenues rose 28.0% year/year to 1.73 bln vs the 1.72 bln S&P Capital IQ Consensus.

Total MAUs grew 30% Y/Y to 248 million, outperforming the high end of guidance for 240-245 million. 

Co finished Q3 with 113 million Premium Subscribers globally (vs. guidance for 110-114 million), up 31% Y/Y. Net Subscriber growth exceeded expectations and was led by strong performance in both Family Plan and Student Plan. All other product offerings were mostly in line with expectations.

After playing a pivotal role in Spotify's listing and helping to establish Spotify as a public company, Barry McCarthy will retire from Spotify on January 15, 2020, stepping down as the company's CFO. Barry will be replaced by Paul Vogel, who is currently Spotify's VP of FP&A, Treasury and Investor Relations. Paul and Barry have worked together closely for the last 3 years. Pending shareholder approval, it is expected that Barry will be re-appointed to the Spotify Board of Directors, a role he held prior to joining the company as CFO.

Co issues in-line guidance for Q4, sees Q4 revs of 1.74-1.94 bln vs. 1.89 bln S&P Capital IQ Consensus; sees total MAUs of 255-270 mln, sees total premium subscribers of 120-125 million.