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Company News

Spotify's third-quarter paid subscriber number beats expectations

STOCKHOLM/NEW YORK, Oct 29 (Reuters) - Spotify Technology SA on Thursday said paid subscribers in the third quarter grew to 144 million, beating expectations, as more users tuned in to its streaming music service.

Premium subscribers, which account for most of its revenue, were up 27% from a year earlier. Analysts on average were expecting the company to have 142.5 million paid subscribers, according to IBES data from Refinitiv.

Total monthly active users rose 29% to 320 million, beating estimates of 316 million.

Revenue rose 14% to 1.98 billion euros ($2.34 billion) in the quarter. Analysts were expecting revenue of 2 billion euros, according to IBES data from Refinitiv.

Excluding the impact of foreign exchange, Spotify said its quarterly revenue was “slightly better than expected.” (Reporting by Supantha Mukherjee in Stockholm and Kenneth Li in New York; Editing by Simon Johnson)

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