Spotify reaches record high earnings — but misses target on monthly active users

Spotify’s quarterly gross profit topped $1.1 billion for the first time after it reined in marketing spending, although that meant the music streaming giant missed its forecast for monthly active users.The Swedish company has been growing its user base for years by offering promotions and investing in podcasts and audiobooks. But since last year it started to cut costs, including through layoffs and its marketing budget, to boost margins and profits.Spotify has reported a gross earning of over$1.1 billion. ...