Spotify Technology SA has crossed the half-billion mark for the first time, thanks to the music streaming company's expansion into more markets.
The number of monthly active users rose to 515 million in the first quarter, compared to Spotify's guidance and analysts' forecast of 500 million.
As of September 30, the company expects monthly active users to be 530 million.
Spotify plans to add one billion users by 2030 and reach $100 billion in annual revenue. It also promised substantial returns from its costly expansion into podcasts and audiobooks.
The company's quarterly earnings of $3.35 billion did not meet analyst forecasts of 3.08 billion euros, and it posted a larger loss than expected.
The year-earlier quarter was down 25.2 percent, from 25.3 percent in the year-earlier quarter.