Spotify Rises 14% In Pre-market On Upbeat Quarterly Results

(RTTNews) - Shares of music streaming platform Spotify Technology S.A. (SPOT) were rising more than 14 percent in pre-market after reporting improved quarterly earnings above analysts' view.

Net income was 274 million euros or 1.33 euros per share for the second quarter compared with net loss of 302 million euros or 1.55 euros per share in the same quarter a year ago, primarily helped by growth in premium revenue.

On average, 23 analysts were expecting profit of $1.15 per share for the quarter.

Revenue for the quarter increased to 3.807 billion euros from 3.177 billion euros last year. The consensus estimate was for $4.17 billion.

Premium revenue grew 21 percent to 3.351 billion euros from last year. Monthly Active Users increased 14 percent year-on-year to 626 million.

Spotify stock had closed at $295.45, up 0.12 percent on Monday. It has traded in the range of $129.23 - $331.08 in the last year.