Surge in Spotify's Stock | Spotify (SPOT.US) stock price soars over 5% ahead of plan to raise fees for part of market

We have learned from sources that on Monday, Spotify (SPOT.US) stock price rose over 5%, prior to the company announcing its plan to increase the monthly fee for its premium personal subscription service in certain markets starting from September.

This Swedish digital music service provider will raise its subscription price from €10.99 per month to €11.99 (13.86 USD), covering markets such as South Asia, Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.

The company is attempting to boost its profit margin. Spotify's stock price was severely battered last month due to the company releasing third-quarter guidance that fell short of expectations, as well as key financial metrics in its second-quarter report not meeting expectations.

The increase in personnel, professional services, and marketing-related costs led to a six-fold year-on-year growth in its second-quarter expenses, reaching €447 million.