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.

Spotify Technology reported its first annual profit on Tuesday and forecast quarterly earnings above Wall Street estimates, as the Swedish audio-streaming giant benefits from strong user growth, price hikes and a cost-cutting drive.