Spotify reports record quarterly earnings, shares jump 14% in premarket trade

LONDON: Spotify posted a record quarterly profit slightly ahead of analyst expectations on Tuesday, pushing its shares up more than 14% in premarket trading.

The Swedish audio-streaming giant sought to reduce costs through layoffs and cuts to its marketing budget last year, while trying to grow its user base through promotions and new investments in podcasts.

In the second quarter of 2024, the number of paying Spotify subscribers rose to 246 million, slightly above expectations.