💨 Abstract

Spotify Technology reported its first annual profit and forecast Q1 earnings above analyst estimates, due to strong user growth, price hikes, and cost cuts. Shares rose 9% pre-market. The company expects Q1 operating income of 548 million euros, with a forecast of 678 million monthly active users and 265 million premium subscribers. CEO Daniel Ek announced a new premium tier, "superfans of music," with additional features.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖