Spotify 's fourth quarter of 2018 saw the 10-year-old Swedish music-streaming company posting an operating profit for the first time, adding 9 million premium subscribers, expanding into 13 new markets and positioning itself to be something much bigger than just a music service. The company posted its fourth-quarter earnings ( pdf ) before the bell Wednesday, showing decent growth in the last few months of last year: Spotify's user base is up to 207 million, 96 million of them paying subscribers, representing a quickening of pace in user growth; it posted an operating profit of €94 million ($107 million) due to lower operating costs. "Movements in our share price in Q4 had a sizeable impact on our reported results, although the business would have been profitable regardless," Spotify said in a letter to shareholders. The first-ever profit is cause for Wall Street to sigh in relief, as investors have been nervously watching Spotify's performance ever since it went public last year on the New York Stock Exchange and was swept up in several months of volatility in tech stocks. See Also What the 2021 Grammy Awards Will Look Like Kygo Helicoptered a Piano Up a Mountain for His Virtual Concert See Also #FreeBritney:… Read full this story
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