Monthly Active Users reached 696 million, exceeding guidance by 7 million. Paid Subscribers increased to 276 million, up 12% year-on-year and 3 million above guidance. Premium Revenue grew 16% year-on-year on a constant currency basis due to subscriber gains and higher average revenue per user. Advertising Revenue rose 5% year-on-year, with automated sales channels being the largest contributor. Operating income was EUR 406 million, below guidance by EUR 133 million, due to higher social charges related to share price appreciation. Revenue outlook faced a EUR 200 million headwind from unfavorable currency movements.
The one area that hasn't yet better expectations is our Ads business. We've simply been moving too slowly and it's taken longer than expected to see the improvements we initiated to take hold.
Our operating income of EUR 406 million was EUR 133 million below guidance, primarily due to social charges in the quarter, which were EUR 98 million above forecast due to share price appreciation.
Our revenue outlook incorporates a sizable headwind of approximately EUR 200 million due to unfavorable currency movements over the last quarter.
We reached 696 million monthly active users, an increase of 18 million in Q2 2025, exceeding guidance by 7 million.
#advertising-growth #subscription-services #monthly-active-users #revenue-outlook #financial-guidance
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