Spotify hits profit record

Spotify has reported a strong start to the year, with first-quarter revenue growing 14% to reach record levels of operating income.

The streaming giant now boasts 293 million premium subscribers, showing that its recent price hikes have not significantly deterred its user base.

Despite these positive results, Spotify's stock plummeted by 12% following a cautious forecast for the second quarter that fell short of analyst expectations.

New co-CEOs Christian Luiga and Alex Norstrom face the challenge of maintaining growth momentum as the company navigates a more competitive and cost-sensitive digital music landscape.