Spotify Shares Surge on Subscriber Gains, First Annual Profit
- Company reports record 675 million monthly active users
- Push into audiobooks, podcasts helps lure new subscribers
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Spotify Technology SA posted another quarter of better-than-expected subscriber growth in the fourth quarter, helping the Swedish music company record its first-ever annual profit.
Total active monthly users increased to 675 million, Spotify said in a statement on Tuesday. That compared with the average Wall Street estimate of 664.9 million, according to analysts surveyed by Bloomberg. The company also posted record-high subscriber additions, with paying customers increasing 11% to 263 million, also surpassing expectations.