Spotify’s quarterly revenue, user growth beats expectations

Spotify reported second-quarter revenue above analysts’ estimates on Wednesday, helped by a 14% jump in paying subscribers as more users listened to its podcasts, and the company forecast an upbeat current quarter.

The Swedish music streaming company posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), beating analysts’ expectations of 2.8 billion euros, according to IBES data from Refinitiv.