SoundCloud isn’t a public company, so it doesn’t have to publish its financial results every quarter: instead, it publishes annual figures some time after the year in question. Thus, yesterday it released its financial results for 2017.
The company’s revenues grew by 80% to €90.7m (around $102m) while its operating losses narrowed from €70.5m in 2016 to €51.4m in 2017 – still a hefty figure, mind. 2017 was the year in which SoundCloud laid off 40% of its employees, while also raising $170m of new funding and appointing former Vimeo boss Kerry Trainor as its CEO.
“Since the August 2017 financing and throughout 2018, SoundCloud has taken significant steps to improve its financial health including retiring all outstanding debt, reducing certain fixed operating expenses and cash flow burn, improving its cash collection processes and renegotiating certain rights holder contracts,” claimed the company. “With those changes SoundCloud’s financial position has been greatly improved and the company has been able to achieve positive operating cash flow in several months during 2018.”
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