Spotify Reports Quarterly Loss Despite User Growth

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Spotify just had its strongest ever quarterly user growth. Monthly, active users jumped up 27% year over year. However, the company did also report a loss in the quarter. It's blaming it on podcast cancellations, layoffs, excess real estate and higher costs for music royalties. The company is working to improve profitability. On Monday, Spotify announced it's raising its premium subscriptions by a dollar to 10 99 a month here in the US.