Spotify Technology reported its first ever full year of profitability, fueled by record user growth and austerity measures after years of heavy spending on growth initiatives such as podcasts.
Its fourth-quarter earnings are a sign that the company has been able to wean itself off years of intense investment and transform from a music-streaming service with tough margins to a full-service audio company.
Shares in the company rose 10%, and are up about 29% on the year.
“It only took 18 years for us to get here, but we’re here,” Chief Executive Daniel Ek said in an interview.