FILE PHOTO: A trader is reflected in a computer screen displaying the Spotify brand before the company begins selling as a direct listing on the floor of the New York Stock Exchange in New York, U.S., April 3, 2018. REUTERS/Lucas Jackson
April 29, 2020
(Reuters) – Spotify Technology SA <SPOT.N> reported a 22% 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 euros ($2.01 billion) for the three-months ended March 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% from a year earlier. Analysts on average were expecting Spotify to have 128.6 million paid subscribers.
(Reporting by Supantha Mukherjee in Bengaluru and Ken Li in New York; Editing by Arun Koyyur)
