Spotify Adds 7% On Upbeat Quarterly Results

(RTTNews) - Shares of Spotify Technology S.A. (SPOT) are rising more than 7% Tuesday morning after reporting improved fourth-quarter results.

The audio streaming services provider reported a loss of 70 million euros or 0.36 euros per share for the fourth quarter, lower than 270 million euros or 1.40 euros per share loss in the year-ago quarter, primarily helped by increase in subscribers as well as price.

Premium Subscribers grew 15% year on year to 236 million, while monthly active users (MAUs) increased 23% from last year to 602 million.

Revenue for the quarter increased 16% to 3.671 billion euros from last year.

For the first quarter, Spotify expects revenue to be about 3.6 billion euros. The company expects to add about 3 million premium subscribers and nearly 16 million MAUs in the first quarter.

SPOT, currently at $239.51, has touched a new high of $248.67 this morning.