Music streaming service Spotify on Wednesday filed for an initial public offering of up to $1 billion with the US Securities and Exchange Commission. The Swedish company’s 2017 revenue came in at €4.09 billion ) compared with 2.95 billion euros a year earlier,Spotify said in its filing. Its operating loss widened to €378 million euros in 2017 from €349 million a year earlier. Spotify is present in more than 60 countries, with a total of 71 million premium subscribers and about 159 million monthly average users. To be sure, the amount of money a company says it plans to raise in its first IPO filing is usually a temporary placeholder.

Source: The Irish Times February 28, 2018 20:03 UTC