Earnings

Spotify’s paid subscribers hit 138 million as music streaming demand rebounds

Spotify said on Wednesday music streaming demand had rebounded from the coronavirus-related weakness it saw at the start of the quarter and its paid subscribers reached 138 million, ahead of Wall Street estimates.

Premium subscribers, which accounts for most of the company’s revenue, were up 27% from a year earlier. Analysts on average were expecting the company to have 136.4 million paid subscribers, according to IBES data from Refinitiv.

Revenue rose 13% to 1.89 billion euros ($2.22 billion) for the three months ended June 30, from 1.67 billion euros a year earlier.

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