Spotify Technology SA (NYSE: SPOT) skyrocketed by 14.75 percent on Tuesday, closing at $476.02 per share following a strong earnings performance last year. The company reported a 94 percent increase in net income to 2.2 billion euros and a 10 percent rise in total revenues to 17.19 billion euros year-on-year. In the fourth quarter alone, Spotify generated 1.17 billion euros in net income, a 220 percent increase from the previous year.

During the quarter, Spotify Technology SA (NYSE: SPOT) ended with 290 million premium subscribers, a 10 percent increase year-on-year, and 751 million monthly active users, representing an 11 percent growth from the previous year. Executive Chairman Daniel Ek highlighted the company’s focus on building a technology platform for audio and other forms of media to adapt to evolving technology shifts.

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Read more at Yahoo Finance: Spotify (SPOT) Skyrockets 14.7% on Strong Earnings