Music streaming giant Spotify said Tuesday that it had 713 million active users at the end of the third quarter, while paying subscribers rose 12 per cent to reach 281 million.
Revenue rose by seven per cent to 4.3 billion euros ($4.9 billion), beating the company鈥檚 guidance of 4.2 billion euros.
The increase was driven by the growth of its paying subscribers and despite a decline in advertising, the Swedish company said.
鈥楾he business is healthy,鈥� Spotify鈥檚 Founder and CEO Daniel Ek said in a statement.
鈥業t all comes back to user fundamentals and that鈥檚 where we are: 700 million users who keep coming back, engagement at all-time highs,鈥� he added.
Operating income rose 28 per cent to 582 million euros, while net income more than doubled to 899 million euros. Spotify also said it was expecting to reach 745 million active users and 289 million paying subscribers by the end of the year.
