It's music to the ears of investors...

Spotify shares jumped Monday (October 28) after the streaming service posted a surprise profit.

Third-quarter net income soared to about 267 million dollars - almost six times higher than last year.

Analysts had predicted a loss.

The Swedish firm said it was adding roughly twice as many listeners per month as rival Apple Music.

It gained 26 million premium subscribers over the past year, for a total of 113 million.

Now more than a decade old, Spotify is by far the world's most popular music streaming service.

It has overcome opposition from large labels and major artists to reshape how people listen to music.

The Q3 numbers will ease investor concern that growth could slow as competition from the likes of Apple and Amazon ramps up.

U.S.-listed shares in Spotify posted double-digit gains following the news.