The audiobook company Storytel significantly improved its results during the second quarter.
"By delivering the best result in Storytel's history during this quarter, we are once again demonstrating the effect of our strategy to focus on profitable growth", says outgoing CEO Johannes Larcher in a comment.
The operating result was 47 million kronor, compared to a loss of 29 million during the same period last year.
Storytel reports an adjusted result according to the ebitda measure of 128 million kronor, a significant increase from 46 million a year ago. This corresponds to a margin of 13.8 percent.
Revenues increased to 924 million kronor from 851 million during the comparison quarter.
The majority of revenues – 834 million kronor – come from the streaming business. This part increased by 8 percent.
During the quarter, the company surpassed 2.3 million paying subscribers, distributed across the services Storytel, Mofibo, and Audiobooks.com.
