REUTERS: Spotify Technology SA reported a better-than-expected rise in first-quarter revenue on Monday as the music streaming company hit 100 million paid subscribers for its premium service, sending its shares up nearly 5 per cent.
Premium or paying subscribers at the end of the quarter were 100 million, up from 75 million a year earlier. Analysts were expecting the company to have 99 million paid subscribers. Europe contributed 40 per cent of the total paid subscribers, followed by North America with 30 per cent.Spotify said it expects to have about 107 million to 110 million premium subscribers by the end of the current quarter.
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