Spotify stock up 8.3% on strong Q3 report [NYSE: SPOT]

Spotify stock jumped $20.93 to close up 8.3% to $273.13 on Wednesday after Spotify reported strong Q3 2021 earnings and growth.

Yesterday, Spotify reported 19% year-on-year paid subscriber growth to 172 million. Total monthly average users grew 19% Y/Y to 381 million.

Overall revenue also grew 27% Y/Y to $2903 million including impressive growth in advertising up75% Y/Y to $374.5 million.

Podcasts continued to be a growth driver with their share of overall consumption hours reaching an all-time high during the quarter. Sptofify now claims to have passed Apple in use podcast listening.

MORE: Spotify has 381M monthly users as subscribers grow 19% in strong Q3 2021

Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.