October 28, 2019 / 10:07 AM / 20 days ago

Spotify revenue beats estimates on higher paid subscriber addition

Oct 28 (Reuters) - Spotify Technology SA’s quarterly revenue beat Wall Street expectations on Monday, as the music streaming company reported a better-than-expected 113 million in total paid subscribers for its premium service.

Revenue rose 28% to 1.73 billion euros ($1.92 billion) for the three-months ended Sept. 30, from 1.35 billion euros a year earlier. Analysts were expecting revenue of 1.72 billion euros, according to IBES data from Refinitiv.

Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli

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