Spotify Technology reported a better-than-expected rise in first-quarter revenue on Monday as the music streaming company hit 100 million paid subscribers for its premium service, sending its shares up nearly 5%. Revenue rose 33% to 1.51 billion euros ($1.69 billion), beating analysts' estimates of 1.47 billion euros, according to IBES data from Refinitiv. Europe contributed 40% of the total paid subscribers, followed by North America with 30%. Spotify said it expects to have about 107 million to 110 million premium subscribers by the end of the current quarter. Spotify also said it expects total revenue of 1.51 billion euros to 1.71 billion euros for the second quarter.

Source: The North Africa Journal April 29, 2019 10:52 UTC