Spotify forecasts profit above estimates on cost cuts, steady user growth

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Spotify forecasts profit above estimates on cost cuts, steady user growth - Channel News Asia

Quick Summary:

Audio-streaming giant Spotify forecast fourth-quarter profit above Wall Street estimates on Tuesday, betting on cost cuts and strong subscriber growth in the crucial holiday season, sending its shares up 7.7 per cent after the bell.

MAUs rose 11 per cent to 640 million and were also slightly above expectations.

The company offers an ad-supported free service with limited features and a subscription-based paid service that gives access to all its premium functions.