Spotify Surges on Swing to Profit, Boost in Paid Subscribers
- Subscribers to paid Spotify tiers jumped 14% to 239 million
- Swedish audio-streaming company posted record operating profit
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Spotify Technology SA shares surged the most in almost two years after the audio-streaming giant reported it swung to a profit in the first quarter, as the company boosted subscribers and added new features.
Paid subscribers rose 14% year over year to 239 million, the Swedish company said Tuesday in a statement, in line with analysts’ estimates compiled by Bloomberg. Total active users, including those on free plans with advertising, grew to 615 million, slightly less than the 617.9 million forecast by analysts.