Spotify's monthly active users rise above 500 million, beats estimate

Spotify Technology SA on Tuesday reported first-quarter monthly active users that crossed the half billion mark for the first time helped by the music streaming company's expansion into more markets.

The number of monthly active users rose to 515 million in the quarter, beating Spotify's guidance and analysts' forecasts of 500 million, according to IBES data from Refinitiv.

Premium subscribers, who account for most of the company's revenue, rose 15% to 210 million, topping estimates of 206 million.