Spotify shares surge after surprise profit
The music streaming company that has overtaken Apple Music, has beaten forecasts for subscribers to its premium service in a competitive market
28 October 2019 - 18:33
Bengaluru — Spotify Technology posted a surprise profit and beat Wall Street expectations for third-quarter revenue as the music streaming company added more subscribers than expected to its premium service, sending its shares up 12%.
The Swedish company, which has outstripped Apple Music in the race to dominate music streaming globally, said its number of premium subscribers had risen by 26-million in the past year to 113-million at the end of September...
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