Spotify Technology S.A. (NYSE: SPOT) released its first-quarter financial results before the markets opened on Monday. The online music streaming company said that it had a net loss of $0.90 per share and $1.72 billion in revenue, which compares with consensus estimates of a net loss of $0.39 per share and revenue of $1.64 billion. The same period of last year reportedly had a per-share net loss of $1.16 and $1.3 billion in revenue.

Monthly active users (MAUs) grew 26% year over year to 217 million, which is slightly lower than the midpoint of the 215 million to 220 million MAU guidance range. Premium subscribers grew to 100 million, up 32% year over year, reaching the high end of the guidance range of 97 million to 100 million.

Ad-supported revenue grew 24% year over year. The firm also saw a small incremental benefit from podcasts during the first quarter, following acquisitions of Gimlet Media and Anchor in February and the successful rollout of Spotify owned and exclusive content.

Looking ahead to the second quarter, the firm expects to see MAUs of 222 million to 228 million (up 23% to 27% year over year), total premium subscribers of 107 million to 110 million (up 29% to 34%) and total revenue up 18% to 35%. Consensus estimates call for a net loss of $0.54 per share and $1.8 billion in revenue for the quarter.

Shares of Spotify closed Friday at $138.25, in a 52-week range of $103.29 to $198.99. The consensus analyst price target is $162.99. Following the announcement, the stock was up about 3% at $142.50 in early trading indications Monday.

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