Spotify Technology SA beat Wall Street estimates for fourth-quarter revenue on Wednesday, as the music streaming company hit 155 million paid subscribers for its premium service.
Premium subscribers, who account for most of its revenue, were up 24% from a year earlier. Analysts on average were expecting the company to have 153.26 million paid subscribers, according to IBES data from Refinitiv, reports Reuters.
Total monthly active users rose 27% to 345 million.
Spotify said the pandemic had had little impact on its subscriber growth, though it may have contributed positively to pulling forward new signups.
Revenue rose 17% to 2.17 billion euros ($2.61 billion) for the three-months ended Dec. 31, from 1.86 billion euros a year earlier. Analysts were expecting revenue of 2.15 billion euros, according to IBES data from Refinitiv.
