Spotify’s quarterly revenue and user growth beats expectations

Spotify has reported second-quarter revenue above analysts’ estimates.

Spotify was helped by a 14% jump in paying subscribers.

The music streamer forecast an upbeat current quarter.

The Swedish company posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), beating analysts’ expectations of 2.8 billion euros.

Premium subscribers, which account for most of the company’s revenue, rose to 188 million, beating analysts’ expectations of 187 million.

Total monthly active users rose 19% to 433 million. Analysts had expected 428 million.

The company forecast current-quarter paid subscribers of 194 million, in line with expectations. It expects revenue of 3 billion euros, above estimates of 2.95 billion euros.

The company expects total monthly active users of 450 million in the third quarter.