At midday, the firm’s shares rose 12.8% to $112.79, their best level since August 2022.
In its report, Spotify noted that the number of monthly active users rose to 489 million in the quarter, beating analyst forecasts of 477.9 million.
Premium subscribers, which account for the bulk of the company’s revenue, increased 14% to 205 million, beating estimates of 202.3 million, according to IBES data from Refinitiv.
In addition to the forecast of 500 million users, Spotify also expects to reach 207 million premium subscribers in the current quarter and revenue of 3.1 billion euros (3.35 billion dollars). Analysts expected 202 million subscribers and revenue of 3.050 million euros.
Its quarterly revenue was 3.2 billion euros, above analyst estimates of 3.16 billion euros.