The number of monthly users of the streaming audio content service company Spotify exceeded 500 million for the first time, which was helped by the company's expansion into new markets. Nevertheless, the platform's income for the current quarter did not meet analysts' expectations, Reuters reports.

According to Refinitiv's IBES data, Spotify's monthly active users rose to 515 million in the first quarter, beating analysts' forecast of 500 million. The number of premium subscribers, who bring most of the revenues, increased by 15% to 210 million and exceeded the forecast of industry experts (206 million).

The growth of premium subscribers in the current quarter also exceeded all expectations and amounted to 217 million, while it was expected to be 212 million.

Last year, Spotify announced that it plans to reach one billion users by 2030 and increase annual revenue to $100 billion. The company also promised investors high returns in the podcast and audiobook business.

Despite positive growth in monthly active users, the company's quarterly revenue of 3.04 billion euros ($3.35 billion) fell short of analysts' estimates of 3.08 billion euros, and losses were larger than expected: gross profit reduced to 25.2% against 25.3% in the previous quarter.