Yahoo Finance

Spotify Technology shares were rising Tuesday after the audio streamer said it had added more subscribers than Wall Street was expecting over the fourth quarter, helping revenue to top estimates. The gains came after Spotify said it had added a record-equaling 11 million net premium subscribers as of Dec. 31, topping the eight million net adds analysts surveyed by FactSet were expecting. The results mean that Spotify reported a full-year profit for the first time ever, with price hikes boosting its margins and sizable layoffs from 2023 helping the company to cut costs.