Spotify Technology SA on Wednesday reported a 29 percent jump in premium subscribers in the fourth quarter, beating estimates, as the music streaming company rolled out more promotions to battle stiff competition from rivals including Apple Inc and Amazon.com Inc.
Premium subscribers, which account for nearly 90 percent of its revenue, stood at 124 million for the three months ended Dec. 31 from a year earlier. Analysts on average were expecting the company to have 122 million paid subscribers, according to FactSet.
Revenue rose to 1.86 billion euros ($2.05 billion) for the fourth quarter from $1.50 billion euros a year earlier. Analysts were expecting revenue of 1.89 billion euros, according to IBES data from Refinitiv.