Price increases and cost discipline helped the audiostreaming giant pivot from heavy spending on growth to sustained profits.

Spotify Technology S.A. reported a fourth-quarter profit as the music streaming service’s monthly active users climbed by double-digits over the year-ago period, sending shares of the company up sharply higher in premarket trading.

In the past, Spotify has spent heavily upfront to build new product experiences, like podcasts, which dragged on its profits. But this year, Spotify plans to do more "with pretty much the same amount of resources that we already have at the company,