Spotify Tops Estimates With 100 Million Paid Users
- Streaming giant sets subscriber record amid podcast focus
- Payments to labels contribute to wider-than-expected loss
Photographer: Ethan Cull
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Spotify has reached 100 million paid subscribers, a first for any online music service, adding more customers in the latest quarter than analysts expected and boosting confidence the company has lots of room to grow.
Spotify Technology SA took on 4 million customers in the quarter, compared with the 3.3 million forecast by analysts. But its first-quarter loss was 79 cents a share, wider than the 41-cent loss analysts expected. After a brief rise, the stock fell as much as 2 percent to $135.50 in New York trading.