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Spotify’s quarterly revenue, paid user addition beat expectation -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: In this illustration, headphones are shown in front of the logo for Spotify online music streaming. This picture was taken in Strasbourg, 02/18/2014. REUTERS/Christian Hartmann/File Photo

STOCKHOLM (Reuters). Spotify Technology SA (NYSE 🙂 beat Wall Street expectations for third-quarter revenues on Wednesday as the music streaming service reported a 19% rise in paid subscribers, due to demand from Europe and North America.

Refinitiv’s IBES data shows that revenue increased to 2.50 billion euro ($2.91 trillion) during the fourth quarter. That is higher than analysts had expected. The company’s premium subscribers, who account for the majority of its revenue, reached 172 million. This beat analysts’ predictions of 171.7 millions.

To 381,000,000, the total monthly active users grew 19%.

Daniel Ek, Chief Executive of the company stated that while we’ve been persistent in our quest to be the largest audio platform in the world, we’re still in early stages and are only getting started.

($1 = 0.8593 euros)

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