Spotify’s quarterly revenue beats estimates

Spotify Technology SA beat Wall Street estimates for second-quarter revenue on Wednesday, as the music streaming company reported a 20% jump in paid subscribers for its premium service driven by demand in Europe and North America.

Revenue rose to 2.33 billion euros ($2.75 billion) for the quarter, from 2.15 billion euros a year earlier. Analysts were expecting revenue of 2.29 billion euros, according to IBES data from Refinitiv.

Premium subscribers, which account for most of the company’s revenue, hit 165 million in the quarter, matching analysts’ expectations.

Total monthly active users rose 22% to 365 million.

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