The audio streamer $Spotify Technology (SPOT.US)$ posted revenue of €2,501 million ($2.90 billion), up 27%, at the top end of its guidance range. Subscription revenue grew 22% — while ad sales were particularly strong, growing 75% year-over-year to €323 million ($374 million).
Spotify eked out a net profit of €2 million ($2.3 million), translating to a net loss of -0.41 euros per diluted share. On average, Wall Street analysts had anticipated revenue of $2.84 billion and EPS of -21 cents.
Spotify expects to have over 400M users by the end of the year.
Spotify now has 172 million paid subscribers and 381 million monthly active users, the company announced on Wednesday in its latest earnings release. That's up from 165 million paid subscribers and 365 million monthly active users last quarter, with both figures up 19 percent year-over-year. Those are in line with what Spotify was expecting this quarter.

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