Shares of Spotify surged by 13% on Tuesday after the streaming music company exceeded expectations on both revenue and earnings in the first quarter.

Spotify reported earnings per share of 0.97 euros on revenue of 3.64 billion euros. Analysts surveyed by LSEG had estimated 0.65 euros per share and $3.61 billion euros in revenue.

Spotify’s gross margin, at 27.6%, was up from 25.2% year-over-year in the same quarter.

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