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“Spotify Strikes a High Note with Strong User Growth and Profit Beat” 🚨🚨🚨

Spotify (SPOT $660.00 −1.79%) shares rose more than 3% in early trading Tuesday after the music-streaming giant delivered another upbeat earnings report, showing robust user growth and improved profitability that outpaced Wall Street expectations.

For the third quarter, Spotify added more than 70 million monthly active users, bringing its global total to a record 713 million — including 281 million premium subscribers. That’s up from 640 million users and 252 million premium accounts in the same period last year.

Revenue climbed 7% year-over-year to €4.27 billion (about $4.91 billion), while net income came in at €899 million ($1.03 billion). Adjusted earnings per share of €3.28 easily topped analyst forecasts of roughly €1.96, according to FactSet data cited by The Wall Street Journal.

The upbeat results reflect momentum from several recent product rollouts, including lossless audio, playlist-mixing tools, and in-app direct messaging — part of Spotify’s push to deepen engagement and retain premium users.

Looking ahead, the company expects total monthly active users to reach 745 million by the end of the fourth quarter.

Spotify shares have surged nearly 48% so far this year, underscoring investor confidence even as co-founder Daniel Ek prepares to step down as CEO at year’s end — nearly two decades after launching the company that transformed the music industry.