Spotify hit all the right notes in reporting Q4 and full-year 2024 earnings, with the audio streamer turning in its first annual net profit since it was founded in 2006. Shares of Spotify surged more than 10% on the solid earnings report in early trading Tuesday.

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,

Spotify shares climbed 10% after the music streaming company recorded its first full year of profitability. The company said it paid a record $10 billion in royalties to the music industry in 2024. Spotify Wrapped continued to be one of the biggest user engagement drivers of the year,