LONDON, July 23 (Reuters) - Spotify ( SPOT ) reported

quarterly results broadly in line with analyst expectations on

Tuesday, but failed to meet its own target for user growth.

The Swedish audio-streaming giant sought to reduce costs

through layoffs and cuts to its marketing budget last year,

while trying to grow its user base through promotions and new

investments in podcasts.

Revenue rose to 3.81 billion euros ($4.14 billion) for the

second quarter of 2024, fractionally below analysts' estimates

of 3.82 billion euros, according to IBES data from LSEG.

Spotify ( SPOT ) previously said it aimed to reach 631 million

monthly active users (MAUs). The company fell short of this

target, however, attracting 626 million MAUs for the quarter.

The company said it had seen user numbers grow across all

regions, but that it had not met its MAU goal due to "continued

recalibration" of marketing activities.

($1 = 0.9200 euros)