(Bloomberg) -- Spotify Technology SA shares surged the most in almost two years after the audio-streaming giant reported it swung to a profit in the first quarter, as the company boosted subscribers and added new features. 

Paid subscribers rose 14% year over year to 239 million, the Swedish company said Tuesday in a statement, in line with analysts’ estimates compiled by Bloomberg. Total active users, including those on free plans with advertising, grew to 615 million, slightly less than the 617.9 million forecast by analysts.

The shares rose as much as 16% to $314.80 in New York, the biggest intraday gain since July 2022.

Spotify has been tweaking its business model to expand beyond music streaming into other audio entertainment categories such as audiobooks. After years of rapidly gaining subscribers, Spotify raised prices last year for the first time in more than a decade and is planning another bump by the end of the month. The company, which for a long time stuck to only two basic models — free with ads or paid without — is designing several tiers of new plans, including one that will omit audiobooks for a lower monthly price and a music-only plan. 

Total revenue grew 20% to €3.6 billion ($3.8 billion) on net income of €197 million. Adjusted operating profit was €168 million, a record high.   

Spotify introduced audiobooks to subscription plans last year and has since expanded into six markets. The company said 25% of users with access to the offering had pressed play at least once.

Spotify’s push into audiobooks comes as it’s been cutting back on its podcast staff and programming, though it renewed its distribution deal with comedian Joe Rogan in February and began publishing his show more broadly on YouTube and Apple Podcasts.

Spotify forecast 631 million active users for the second quarter, including 245 million premium subscribers, missing analysts’ projections of 637.1 million. Management anticipates sales of €3.8 billion, compared with the €3.76 billion average estimate. The company forecasts €250 million in operating income, above analysts’ estimates of €175.3 million.

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