Deezer said it lost 300,000 subscribers in the first half of the year just as the firm begins to recover from its IPO slump.
In its first set of results since it went public on the Euronext last month, the French streaming platform posted a 2.9 per cent drop in its total subscribers as of the end of June to 9.4 million from 9.7 million.
The company notably lost 104,000 subscribers in the first quarter alone following its exit from the Russian market.
However, Deezer said the 18 per cent drop in its subscriber count in the rest of the world came alongside a 10.7 per cent increase in its French subscriber base.
Despite seeing a fall in its subscriber base beyond its home market, Deezer’s overall first-half sales climbed 9.9 per cent year-on-year to €219m.
Deezer is also predicting revenue of €455m for 2022, up 14 per cent year-on-year.
Deezer’s shares plunged over 35 per cent on its Paris debut last month.
Opening at 8.50 euros per share via a Spac with France-based SPAC I2PO, the unicorn firm’s stock struggled to rally as markets raised eyebrows at how the French company could compete with Apple Music and Spotify.