Streaming giant Spotify Technology said its third-quarter profit virtually tripled after attracting users who were willing to pay for the service.

Music streaming giant Spotify said Tuesday that it had 713 million active users at the end of the third quarter, while paying subscribers rose 12 percent to reach 281 million.

Music streamer Spotify saw third quarter operating profits grow a cool 28%, as its paying subscribers hit 281 million.

Spotify forecast fourth-quarter profit above Wall Street expectations on Tuesday, betting on robust user growth and a boost from price hikes in the crucial holiday season.

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