The company's share rose over 7 percent in after-hours trading on the New York Stock Exchange, when the report was presented late on Tuesday evening Swedish time.
Spotify, which has been one of the year's winners among tech companies on Wall Street, reported a profit of 454 million euros, equivalent to 5.3 billion kronor, for the third quarter of the year. The company's revenues increased by 19 percent to 4 billion euros.
The number of monthly users amounted to 640 million, an increase of 11 percent compared to the same period last year. And the so-called premium users, who pay for the service, increased by 12 percent to 252 million.
The share in Spotify, with co-founder Daniel Ek as CEO, had more than doubled its value since the turn of the year before the report.
The streaming service has recently raised prices, reduced costs, and increased exposure to podcast offerings and the advertising market, which should lead to higher profit margins, according to Geetha Ranganathan, analyst at Bloomberg Intelligence.
