Spotify Shares Surge After Adding Record Number of New Users

Shares of Spotify Technology SA jumped the most in nearly eight years after the Swedish music streaming giant added a record number of users last quarter, far surpassing analysts’ expectations.

The world’s biggest streaming service added 38 million new listeners from October through December to reach 751 million, according to a statement Tuesday. Paid premium subscriptions increased 10% to 290 million. Spotify said it expects to reach 759 million monthly active users in the current quarter.