Music streaming giant Spotify grew monthly active users and premium subscribers last quarter, beating forecasts on both of those and other metrics as the stock rose more than 9% after the numbers before settling slightly to well over $450.
The company has become a bit of a Wall Street darling recently with a number of analysts recently upping estimates and stock price targets ahead of the quarterly numbers.
Revenue was in line and grew 21% for the three months ended in September to 4 billion euros. Premium revenue rose by 21%; ad-supported revenue grew by 6%.
MAUs, or monthly average users, saw net additions tick up 11% to 640 million, surpassing guidance by 1 million.
Premium subscribers grew 12% year-on-year to 252 million, reflecting year-over-year and quarter-on-quarter-on-growth across all regions.
Operating income was a beat at 454 million euros.
Free cash flow jumped to 711 million euros.
CEO Daniel Ek will discuss the numbers with analysts at 5 pm ET.
