(Bloomberg) -- Spotify Technology SA, the Swedish audio-streaming giant, reported second-quarter subscriber growth that exceeded analysts’ projections after rolling out price increases.
Paid subscribers grew 12 per cent year over year to 246 million, the company said Tuesday, beating the 245.2 million average of analysts’ estimates compiled by Bloomberg.
Spotify has significantly pared costs over the last year to boost profitability, reducing its workforce and pulling back on podcast production. The company also began rolling out its second price hike in a year, upping its individual premium plan in the U.S. to US$11.99.
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