Spotify Beats on Subscribers, Records First Annual Profit

Spotify Technology SA posted another quarter of better-than-expected subscriber growth, with the Swedish music company recording its first-ever annual profit.

Total active monthly users increased to 675 million, Spotify said in a statement on Tuesday. That compared with the average Wall Street estimate of 664.9 million, according to analysts surveyed by Bloomberg. Paying customers grew to 263 million, also surpassing expectations.