00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Spotify reported stronger than expected third quarter results as monthly active users climbed 11% year-over-year to $713 million,
00:09topping analysts' forecasts, according to Bloomberg.
00:11Revenue rose 7% to $4.9 billion, while ad-supported revenue dropped 6% amid pricing pressure.
00:17Pre-year's descriptions were roughly in line with estimates.
00:20CEO Daniel Ekmel stepped down at year's end to become executive chairman,
00:23with Gustav Soderstrom and Alex Nordstrom taking over as co-CEOs.
00:27When Spotify expanded its video strategy through a new partnership with Netflix to stream select video podcasts,
00:32it now rakes second in U.S. podcast popularity beyond YouTube, according to Edison Research.
00:37Shares rose less than 1% in Wednesday morning trading.
00:39For all things money, visit Benzinga.com.
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