Spotify's user growth beats estimates, forecasts upbeat year

FILE PHOTO: A screen displays the logo of Spotify on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 4, 2023. REUTERS/Brendan McDermid/File Photo

STOCKHOLM (Reuters) -Spotify on Tuesday reported fourth-quarter monthly active users and subscribers ahead of expectations as it grew in all regions, and said revenue and profitability trends looked favourable this year, sending its shares up 8%.

The Swedish music streaming company has ventured into podcasts and audiobooks as it seeks to grow its user base to 1 billion by 2030. It has also raised prices for its subscribers and laid off thousands of employees to boost profits.