Despite reporting higher-than-expected monthly active users (MAUs) for Q2, Spotify (NYSE:SPOT) saw a more than 5% decline in its shares pre-market today.

The company's financial results for the quarter showed a loss per share of €1.55 on revenue of €3.18 billion, which fell short of the Street estimates for a loss per share of €0.65 on revenue of €3.21 billion.

In a press release, Spotify expressed that the business performed remarkably well in Q2, driven by exceptionally strong MAU and Subscriber results. The company's MAUs increased by 27% year-over-year to reach 551 million, surpassing the Street expectations of 529.9 million.

Spotify's total subscribers at the end of Q2 amounted to 220 million, exceeding the consensus projection of 217.1 million. For the current quarter, the company expects MAUs to reach 572 million, surpassing the guidance of 548 million. However, Q3 revenue is anticipated to be €3.3 billion, falling short of the expected €3.42 billion.