Spotify reported second-quarter revenue above analysts' estimates on Wednesday, as paying subscribers for its premium service rose 14% and more users listened to its podcasts.

The Swedish music streaming company posted a 23% increase in revenue to 2.9 billion euros ($2.94 billion), beating analysts' expectations of 2.8 billion euros, according to IBES data from Refinitiv.

Premium subscribers, which account for most of the company's revenue, rose to 188 million, beating analysts' expectations of 187 million.

Total monthly active users rose 19% to 433 million. Analysts had expected 428 million.

($1 = 0.9850 euros)