Audio streaming platform Spotify Technology SA (NYSE: SPOT) has reported mixed results for the first quarter of 2022. Earnings stood at €0.21 per share, compared with the year-ago loss and the Street’s loss estimate of €0.25 per share. Revenues grew 24% year-over-year to €2.66 billion but fell short of analysts' expectations of €2.83 billion. Premium revenue increased 23% to €2.4 billion and Ad-Supported revenue rose 31% to €282 million. The number of premium subscribers jumped 15% year-over-year to 182 million, which was marginally below the company’s guidance due to the loss of around 1.5 million subscribers as a result of Spotify’s exit from Russia.
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