April 29, 2019 / 10:09 AM / 24 days ago

Spotify revenue jumps 33 pct on higher subscriber addition

April 29 (Reuters) - Spotify Technology SA reported a better-than-expected 33 percent rise in first-quarter revenue, as the music streaming company racked up 100 million paid subscribers for its premium service.

Premium subscribers, which account for nearly 92 percent of its revenue, were up 32 percent for the three-months ended March from a year earlier.

Revenue rose to 1.51 billion euros ($1.69 billion) from 1.14 billion euros a year earlier, beating analysts’ estimates of 1.47 billion euros, according to IBES data from Refinitiv. ($1 = 0.8961 euros) (Reporting by Akanksha Rana in Bengaluru and Kenneth Li in New York; Editing by Shailesh Kuber)

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