April 29, 2020 / 10:15 AM / a month ago

Spotify paid music subscribers rises to 130 mln, quarterly revenue jumps 22%

April 29 (Reuters) - Spotify Technology SA reported a 22% jump in first-quarter revenue on Wednesday as the music streaming company beat analysts' expectations to reach 130 million paid subscribers for its premium service.

Revenue rose to 1.85 billion euros ($2.01 billion) for the three-months ended March 31 from 1.51 billion euros a year earlier. Analysts were expecting revenue of 1.86 billion euros, according to IBES data from Refinitiv.

Premium subscribers rose 31% from a year earlier. Analysts on average were expecting Spotify to have 128.6 million paid subscribers. ($1 = 0.9215 euros) (Reporting by Supantha Mukherjee in Bengaluru and Ken Li in New York; Editing by Arun Koyyur)

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