STOCKHOLM, Sweden (AFP) — Music streaming giant Spotify said Tuesday that first-quarter revenue rose as its number of monthly active users reached 761 million at the end of the quarter, with the number of paying subscribers hitting 293 million.

The result was just above the company’s guidance of 759 million monthly active users (MAU), while the number of paying subscribers was in line with its guidance.

“We surpassed 760 million MAU, delivered on the subscriber growth we aimed to achieve, and saw healthy engagement from existing users, reactivations and new users alike,” Co-Chief Executive Alex Norstrom said in a statement.

Spotify founder Daniel Ek left the role as chief executive officer (CEO) at the start of 2026, handing over the reins to co-CEOs Norstrom and Gustav Soderstrom.

But Ek retains an active role as executive chairman.

Revenue for the first quarter came in at 4.5 billion euros (US$5.3 billion), up eight per cent from a year earlier.

Operating income meanwhile rose 40 per cent to 715 million euros.

Looking forward, the company said it expected to reach 778 million MAUs and 299 paying subscribers by the end of April.