REUTERS: Spotify Technology SA reported a 22 per cent jump in first-quarter revenue on Wednesday as the music streaming company beat analysts’ expectations to reach 130 million paid subscribers for its premium service.
Revenue rose to €1.85 billion (US$2.01 billion) for the three-months ended Mar 31 from €1.51 billion euros a year earlier. Analysts were expecting revenue of 1.86 billion euros, according to IBES data from Refinitiv.
Premium subscribers rose 31 per cent from a year earlier. Analysts on average were expecting Spotify to have 128.6 million paid subscribers.