Price increases and cost discipline helped the audio-streaming 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.

Spotify forecast first-quarter profit above market estimates on Tuesday as the Swedish audio-streaming giant benefits from steady user growth, price hikes and a cost-cutting drive. The company expects operating income of 548 million euros ($566.