Shares of Spotify (NYSE: SPOT) surged over 11% following strong subscriber-growth metrics. The audio platform added a record 33 million monthly active users in Q4, bringing the total to 489 million. Premium subscribers grew by 14% to 205 million, exceeding estimates. Total revenue rose 18% to 3.2 billion euros.

To achieve sustained profitability, Spotify plans to prioritize efficiency, restructure operations, and reduce workforce. CEO Daniel Ek aims to moderate content spending while focusing on customer growth. The company targets 500 million MAUs and 207 million premium subscribers by Q1 2023. Operating loss was 231 million euros.

Read more at Nasdaq: Why Spotify Stock Surged Today