Spotify generated $1.2 billion in revenue in the third quarter of 2017, according to a new report. The strong revenue growth comes as the music streamer nears its first public stock offering at an estimated at $20 billion valuation.
Spotify generated revenue off $1.2 billion in the third quarter of last year, two investors who have seen the financials told The Information. That puts the music streamer on track to full year revenue of nearly $5 billion, up 40% from 2016.
But all that revenue was not enough to stem operating losses which the investors say were between $85 million and $110 million in the third quarter. If the trend continues, 2017 full year operating losses will mirror 2016, which totaled more than $300 million.
Spotify, which privately filed for its public offering with NASDAQ last month, has not yet commented on the report.