SPOTIFY TURNS A PROFIT, AT LAST

The Stockholm-based music-streaming service has reported a net income of $49 million in the third quarter, partly due to a share swap with Chinese tech giant Tencent. Spotify claims 87 million paid subscribers, a rise of 40 per cent compared to the year-ago period. The service has 191 million global users, up 28 per cent from last year. But even a profit coupled with a strong subscriber base and user growth could not satisfy investors who grumbled about missed revenue growth.