"This was a quarter where we did what we said," said Spotify Co-CEO Alex Norström.

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Spotify said it added more net new subscribers than projected in the third quarter, helping drive double-digit increases in revenue and operating income and offset roughly 1 billion euros ($1.1 billion) in operating expenses.

Total revenue rose 14% in constant currency, an accounting method that strips out the effects of foreign exchange rate fluctuations, for a total of 4.97 billion euros ($5.63 billion) in the third quarter ending Sept. 30.…