"Total Revenue -- $4,500,000,000, growing 13% year over year. Premium Revenue -- Increased 14%, accelerating from the prior quarter's 13% growth, primarily driven by subscriber increases. Advertising Revenue -- Rose 4%, following a flat performance last quarter; advertising growth, excluding podcast optimization, reached approximately 7%. Gross Margin -- Reached 33.1%, expanding over 80 basis points year over year, attributed primarily to favorable content costs."
"Operating Income -- €701,000,000, surpassing forecast by €81,000,000, with €67,000,000 of the upside due to share price-related social charges. Free Cash Flow -- $834,000,000 for the quarter, with cash and short-term investments totaling $9,500,000,000 at quarter end. Share Repurchases -- $433,000,000 repurchased in the quarter; full-year buybacks totaled $510,000,000, with future buybacks planned as an option to offset dilution. Full-Year Growth -- Revenue increased 13%, gross profit expanded 20%, and operating income grew by more than 50%, producing a full-year operating margin of 13%."
Total revenue was $4.5 billion, up 13% year over year. Premium revenue increased 14%, accelerating from the prior quarter and driven primarily by subscriber additions. Advertising revenue rose 4%, and excluding podcast optimization advertising growth reached approximately 7%. Gross margin widened to 33.1%, up over 80 basis points due to favorable content costs. Operating income was €701 million, beating forecasts by €81 million with €67 million related to share-price-linked social charges. Free cash flow was $834 million for the quarter, with cash and short-term investments of $9.5 billion. Share repurchases totaled $433 million in the quarter and $510 million for the year. Monthly active users saw a record net addition, Wrapped engagement rose 20% with 630 million social shares up 42%, premium subscribers now represent 3.5% of the global population, and annual music rights payments exceeded $11 billion.
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