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Asharq Al-Awsat
Asharq Al-Awsat
Entertainment
Asharq Al-Awsat

Spotify's Quarterly Revenue Beats Expectations

Spotify Refinitiv
A smartphone is seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration

Spotify reported second-quarter revenue above analysts' estimates on Wednesday, as paying subscribers for its premium service rose 14% and more users listened to its podcasts.

The Swedish music streaming company posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), beating analysts' expectations of 2.8 billion euros, according to IBES data from Refinitiv.

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