Spotify Technology SA shares fell about 10% on Tuesday in premarket trade after the streaming giant exceeded subscriber growth expectations for its most recent quarter, but failed to show any positive financial results.

Music-streaming service Spotify recorded 551 millions monthly active users in the second quarter. This includes 220 million subscribers to its premium services and 343million users who support it through advertising. Analysts had predicted 217 million subscribers to the premium service and 323 millions ad-supported customers.

Spotify’s SPOT, -4.65% growth among premium subscribers was boosted by a company-wide promotional campaign. Management credited continued retention improvements as well as growing interest from Gen Z listeners for the user uplift.

Also see: The streaming nirvana will soon become more expensive and less content

Spotify expects to add 21 million new net monthly active users sequentially for the third quarter. This would bring the total up to 572 millions. Analysts had expected 548 million monthly active users.

Spotify has been able to quickly add new subscribers, but it also posted a larger loss than expected. It was short on revenue, and its third-quarter forecast revenue failed to meet the FactSet consensus.

Spotify reported a net loss for the second quarter of EUR302m ($334m), or EUR1.55 per share. This compares to a loss for the same period last year of EUR125m, or 85c per share. FactSet’s consensus predicted a loss of 63 cents per share.

Analysts expected EUR3.21 billion. Revenue increased from EUR2.86 to EUR3.18.

In a presentation to shareholders, the company stated that “we are overall encouraged by the strength and momentum we have heading into the second half of 2023.”

Also see Spotify‚Äôs Bill Simmons labels Prince Harry and Meghan as ‘grifters,’ after the podcast deal ended

The company also said that it expects EUR3.3billion in revenue. Recently announced price increases will likely have “minimal impacts” on the topline. Analysts were predicting EUR3.4 billion.

Spotify shares could extend their three-session losing streak, which has seen them drop nearly 9% in that time.