Spotify slightly lowered its fourth-quarter revenue guidance, presumably due to the continued weakness of its ad-supported business, and slightly reduced the high end of its MAU forecast. In other words, Spotify surpassed its own MAU forecast even as it spent less money on marketing campaigns - which is a clear sign of strength for the streaming music leader as it fends off larger tech giant rivals. It attributed that narrower loss to lower-than-expected payroll taxes, share-based compensation, and marketing expenses throughout the quarter. Spotify's operating loss of 40 million euros was also better than its prior forecast for a loss of 70 million to 150 million euros. The expansion of that higher-margin segment, along with its healthy growth in paid subscribers, suggests Spotify still has plenty of pricing power in the crowded streaming market.
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