The world's largest audio streaming company, Spotify (NYSE: SPOT), has seen its stock soar in 2023 along with the rise in tech stocks broadly. However, while the stock's performance has certainly been impressive, the company's underlying financial results have been a bit of a mixed bag. Let's see if this growth-focused tech stock still has room to run.

Spotify just reported its second-quarter financial results and there was plenty for investors to like. On the user front, the company drastically outperformed its own expectations by adding 36 million total monthly active users in the quarter, far more than in any other quarter in the company's history. This puts Spotify today at 551 million total monthly active users, which is 27% higher than the same period a year ago.

But that growth isn't just coming from Spotify's established markets. Its users outside North America, Latin America, and Europe now account for 30% of Spotify's total user base, versus just 15% four years ago. While it's certainly nice to see that kind of growth across emerging markets, the lower propensity to spend throughout many of those geographies helped contribute to a 4% yearly decline in Spotify's average revenue per subscriber. 

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Source Fool.com