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

Spotify Technology ( SPOT) posted fiscal fourth quarter earnings on Tuesday that beat revenue expectations and reported its first full-year profit. The audio giant also posted another strong quarter of subscriber gains, as churn levels remain low despite recent price increases.

Shares have risen considerably since the company executed cost-cutting measures and shifted away from its beleaguered podcasts strategy. Shares in music streamer Spotify (NYSE: SPOT) are up nearly 9% in premarket trading as of the time of this writing after the company reported fourth-quarter earnings results for its fiscal 2024.