Spotify hits 100 million paid subscribers.
Spotify reported a better-than-expected rise in first-quarter revenue on Monday as the music streaming company hit 100 million paid subscribers for its premium service, sending its shares up nearly 5 percent.
Spotify said it had 217 million monthly active users in March, up from 173 million in the same quarter a year earlier. Analysts on average were expecting the company to have 218.6 million subscribers, according to research firm FactSet. Revenue rose 33 percent to 1.51 billion euros , beating analysts' estimates of 1.47 billion euros, according to IBES data from financial analysis firm Refinitiv.
Spotify said it expects to have about 107 million to 110 million premium subscribers by the end of the current quarter.
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