Spotify quarterly revenue beats on paid users, ad rebound

FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid

STOCKHOLM (Reuters) -Spotify Technology SA beat Wall Street estimates for second-quarter revenue on Wednesday, as the music streaming company reported a 20% jump in paid subscribers for its premium service driven by demand in Europe and North America.

While Europe and North America accounted for more than half of its monthly active users (MAUs), the pandemic raging across several countries in Asia, including India and Indonesia, took a toll.