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Spotify Technology SA reported a rise in first-quarter revenue on Monday, as the music streaming company hit 100 million paid subscribers for its premium service.
Spotify has launched in regions such as India, the Middle East and North Africa in recent months.
The company said it had 217 million monthly active users in March, up from 173 million in the same quarter a year earlier.
FactSet research firm analysts were expecting the company to have 218.6 million subscribers on average.
Premium subscribers at the end of the quarter were 100 million, up from 75 million a year earlier. Analysts were expecting the company to have 99 million paid subscribers.
Revenue rose 33 per cent to €1.51 billion ($1.69 billion), beating analysts’ estimates of €1.47 billion, according to IBES data from Refinitiv. Europe contributed 40 per cent of the total paid subscribers, followed by North America with 30 per cent.
Spotify said it expects to have about 107-110 million premium subscribers by the end of the current quarter.
Spotify said it expects total revenue of €1.51-1.71 billion for the second quarter. Analysts were expecting it to forecast €1.62 billion.
The company reported a loss attributable to shareholders of €0.79 per share. Analysts were expecting a loss of €0.35 per share.
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