(Reuters) – Spotify Technology SA (SPOT.N) posted a surprise profit and beat Wall Street’s expectations for third-quarter revenue as the music streaming company added more subscribers to its premium service than expected, sending its shares up 9% on Monday.
The Swedish company, which has outstripped Apple Music (AAPL.O) in the race to dominate music streaming globally, said its number of premium subscribers had risen by 26 million in the past year to 113 million at the end of September.
That still leaves Spotify some way behind video streaming giant Netflix’s (NFLX.O) 158 million subscribers but was just above the 112.9 million expected by analysts, according to IBES data from Refinitiv.
“The fact that it’s delivering growth against an increasingly competitive backdrop is particularly impressive – especially when that competition is Amazon and Apple,” Hargreaves Lansdown analyst Nicholas Hyett said.
Spotify said in a letter to shareholders it was adding roughly…
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