Spotify Technology S.A. ( SPOT ) shares are moving higher on Wednesday after the company reported better-than-expected third-quarter earnings after the market closed on Tuesday.

The Details: Spotify ( SPOT ) reported third-quarter revenue of $4 billion euros ($4.38 billion), versus estimates of 4.02 billion euros. The company reported earnings of 1.45 euros per share, versus estimates of 1.72 billion euros per share, according to CNBC.

Spotify ( SPOT ) shares jumped about 8% in after-hours trading Tuesday when the report was released.

The company reported 3.5 billion euros in revenue from Premium, up 21% year-over-year. Spotify ( SPOT ) said operating income totaled 454 million euros. Additionally, the company reported gross margin of 31.1% and free cash flow of 711 million euros.

Spotify ( SPOT ) said total premium subscribers climbed 12% year-over-year to 252 million. The company reported total monthly active users of 640 million in the quarter.

Spotify ( SPOT ) expects total monthly active users of 665 million and total premium subscribers of 260 million in the fourth quarter. The company anticipates fourth-quarter revenue of 4.1 billion euros, versus estimates of 4.26 billion euros, per CNBC.

Analyst Changes: Following the earnings release, multiple analysts issued price target adjustments. Here’s a look at some of the biggest changes.

Morgan Stanley analyst Manan Gosalia maintained an Overweight and raised the price target from $430 to $460.

JPMorgan analyst Doug Anmuth maintained an Overweight and raised the price target from $425 to $530.

Barclays analyst Kannan Venkateshwar maintained an Overweight and raised the price target from $385 to $475.

Piper Sandler analyst Matt Farrell maintained a Neutral and raised the price target from $330 to $450.

BofA Securities analyst Jessica Reif Ehrlich maintained a Buy and raised the price target from $430 to $515.

Related Link: These Analysts Increase Their Forecasts On Spotify Following Q3 Earnings

SPOT Price Action: At the time of publication, Spotify ( SPOT ) shares are up 10.8% at $464.90, according to data from Benzinga Pro.

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