Spotify Technology added premium subscribers in its first quarter as the audio-streaming platform raised prices and continued to expand its audio and video offerings.
Still, its shares tumbled more than 11% early Tuesday as the company’s forecast underwhelmed investors.
For the first quarter, Spotify’s monthly active users grew to 761 million, up 12% from a year earlier and topping the company’s prior guidance of 759 million. The Swedish company’s premium subscribers increased by 9% to 293 million, in line with the company’s prior guidance.
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