By Dean Seal

Shares of Spotify Technology jumped after the company turned a surprise profit in the third quarter as subscriber and listener growth topped expectations.

The stock was up 10% at $170.68 in early trading. Shares have more than doubled since the start of the year.

The music streaming giant swung to a profit of EUR65 million, or 33 euro cents a share, from a loss of EUR166 million, or 99 euro cents a share, in the same quarter a year ago.

Analysts surveyed by FactSet had been expecting to see a quarterly loss of 23 euro cents a share.

Monthly active users grew by more than a quarter year-over-year to 574 million, while premium subscribers rose 16% to 226 million. Both figures beat Spotify's own guidance by two million each.

Revenue topped expectations as well, coming in 11% higher at EUR3.36 billion.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 24, 2023 10:59 ET (14:59 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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