Spotify reported 655 million in profits for the second quarter, a 61% increase over the previous year

Spotify, a Swedish music platform, reported an operational profit of 655 million euros for the second quarter of the fiscal year on Tuesday, a 61% increase over the previous year.

Spotify noted in a statement that the strong gross profit margin and a decrease in social charges account for the outcome, which exceeded the company’s expectations.

The balance sheet, which excludes cumulative data, shows that Spotify, a Stockholm-based company listed on the New York Wall Street Stock Exchange, had a 14% increase in net income to 4,777 million.

As of June 30, the Swedish company had 777 million monthly active users, a 12% increase, and its number of premium subscribers rose 9% to 300 million.

“This quarter has shown that we are already building the future: better engineering, faster delivery, new products, and new ways for users to interact,” said Gustav Söderström, co-CEO of the company, in the press release.

Spotify forecasts revenue of $5 billion and operating profit of $670 million for the third quarter of the year, in which it expects to reach 788 million monthly active users and 305 million premium subscribers.