Spotify Surges Most Since 2018 Debut on Profit, Paid Users
- Streaming giant is holding off competition from Apple, Amazon
- Company has second profit ever as lucrative paying users rise
Photographer: Heidi Sandstrom
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Spotify Technology SA jumped the most since its first trading day after reporting higher subscriber growth than analysts expected and just its second profit as a public company, a sign the music streaming giant is keeping competitors Apple Inc. and Amazon.com Inc. in check.
Spotify added 5 million paying subscribers in the quarter, lifting its overall base to 113 million, above the 111.2 million premium subscribers forecast by analysts and at the higher end of the company’s projected range. Spotify credited discount plans for families and students with boosting its subscriber numbers.