Spotify surpassed the 250 million subscriber milestone and saw its net income more than quadruple during the third quarter, the music streaming heavyweight reported on Tuesday.
Spotify’s stock jumped 9% on the news in after-hours trading.
“We’re on track for our first full year of profitability,” Spotify CEO Daniel Ek said on the company’s Q3 earnings call.
Here are the top-line results:
Revenue: 4 billion euros ($4.25 billion), which represented a 19% year-over-year increase. That came in below an estimate of $4.37 billion in sales from analysts from Zack’s Investment Research.
Net Income: 300 million euros ($318.72 million), which shot up 361% from Q3 2023, when Spotify reported 65 million euros in net income.