’s second-quarter revenue exceeded Wall Street expectations on Wednesday because the streaming reported that, driven by demand in Europe and North America, the number of for its premium services increased by 20%.

Revenue for the quarter increased from 2.15 euros (approximately 188.75 billion rupees) a year ago to 2.33 billion euros (approximately 2046 billion rupees). According to Refinitiv’s IBES data, analysts expect revenue of 2.29 billion euros (approximately 20,105 crore).

Senior subscribers, which accounted for the majority of the company’s revenue, reached 165 in the quarter, in line with analyst expectations.

The total number of monthly active users (MAU) increased by 22% to 365 million.

stated in a report to shareholders, “Most of our main indicators-subscriber growth, revenue, gross profit margin and operating income-performed better than this quarter. Except for MAU, we did not meet our guidance range. The quarter was mainly due to increased ARPU, declining churn rate, of per-user consumption growth, and significant advertising strength. We did see greater volatility in MAU in the second quarter, which was mainly due to continued COVID-19 headwinds and conflicts. Temporary issues related to user intake on third-party . However, trends improved in the second half of the quarter.”

The company further explained the obstacles of COVID-19 and added: “MAU’s performance was lower than expected, mainly due to the decrease in the number of users in the first half of the quarter. COVID-19 continues to affect our performance in multiple markets, In some cases, due to the severity of the pandemic, we suspended marketing activities. In addition, user registration issues related to global third-party platforms caused unexpected intake friction, which also affected MAU growth. This issue has been resolved. .”

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“Overall, we have seen a better growth pattern resumed in the second half of the quarter. Although we continue to face the near-term uncertainty of COVID-19, we are still concerned the basic health of our user channels and our existing User retention activities are in line with historical trends,” the company said.

© Thomson Reuters 2021