Spotify hit all the right notes in reporting Q4 and full-year 2024 earnings, with the audio streamer turning in its first annual net profit since it was founded in 2006. Shares of Spotify surged more than 11% on the solid earnings report in early trading Tuesday.

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.

In the past, Spotify has spent heavily upfront to build new product experiences, like podcasts, which dragged on its profits. But this year, Spotify plans to do more "with pretty much the same amount of resources that we already have at the company,