Spotify shares rose 11.10% on Thursday after the company reported third-quarter growth. Monthly active users rose 11% year over year to 788 million, and premium subscribers grew 9% to 306 million as free users upgraded to features like ad-free listening and offline downloads. Revenue climbed 16% to 5 billion euros (roughly $5.6 billion), while gross margin improved 1.4 percentage points to 33% and operating income rose 15% to 672 million euros ($754 million). For the fourth quarter, Spotify expects 818 million MAUs, 316 million premium subscribers, 5.2 billion euros in revenue and 820 million euros in operating income. The company also plans to roll out audiobooks to over 180 markets by year-end and new tools to help creators monetize their work.
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