Spotify added more subscribers than expected in the third quarter, sending shares higher after the bell Tuesday.

Spotify stock rose early Wednesday after the audio streaming platform posted quarterly earnings and gave an upbeat outlook for subscriber and user growth. But one analyst downgraded the stock. PhillipCapital analyst Jonathan Woo changed his recommendation from Buy to Accumulate,

Now, after 18 years of service, Spotify says that 2024 will be its first-ever full profitable year. But the small artists who helped Spotify achieve this goal will see none of the money. In a November 12 third-quarter earnings report,