Spotify's monthly active users top 500 million, beat estimate

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/File Photo

STOCKHOLM (Reuters) -Spotify Technology SA has crossed the half billion mark for monthly active users for the first time, helped by the music streaming company's expansion into more markets, it said on Tuesday, sending its shares up 5%.

The number of monthly active users rose to 515 million in the first quarter, beating Spotify's guidance and analysts' forecast of 500 million, according to IBES data from Refinitiv.