LUXEMBOURG (AP) _ Spotify Technology SA (SPOT) on Wednesday reported first-quarter net income of $27.7 million.

On a per-share basis, the Luxembourg-based company said it had profit of 30 cents.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 61 cents per share.

The music-streaming service operator posted revenue of $2.59 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $2.56 billion.

For the current quarter ending in July, Spotify said it expects revenue in the range of $2.6 billion to $2.84 billion.

The company expects full-year revenue in the range of $10.98 billion to $11.46 billion.

Spotify shares have dropped almost 7% since the beginning of the year. The stock has more than doubled in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPOT at https://www.zacks.com/ap/SPOT

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