The company’s net profit rose to $ 10.75 billion, or $ 1.40 per share, from $ 8.81 billion, or $ 1.14 per share, a year earlier.
While, The Swedish-based music platform Spotify announced that it reached 130 million subscribers in the first quarter of the year in the fight against the coronavirus, causing its shares to rise 10%.
A double-digit increase in quarterly revenue helped the company mitigate the decline in virus-related ad sales, which contributed less than 10% to overall revenue.
But Spotify, which wins through a mix of subscriptions and the advertising it delivers to non-paying users, continued to consolidate its leadership in the music business by “streaming” against competition from Apple Inc and Amazon.com Inc.
“Despite all the turmoil around the world, we hit almost every metric”Spotify chief executive Daniel Ek told Reuters.
The company said it began detecting a drop in users in late February in countries hit hard by the virus like Italy and Spain, although it has seen a significant recovery in recent weeks.
“Working from home appears to be increasing streaming services overall, so we don’t see users choosing between Netflix and Spotify,” said Cascend Securities analyst Eric Ross.
Although usage on mobile devices and cars decreased in the last weeks of March, usage on video game consoles such as Microsoft Corp’s Xbox and Sony Corp’s PlayStation increased during the first quarter.
Overall, monthly active users, a key metric, increased 31% in the quarter, in line with Spotify’s forecast.