Spotify shares closed 10% higher on Tuesday after the company reported a surprise profit for the third quarter — its first quarterly profit in a year and a half — as price increases and cost-cutting measures took hold.

With a market value of $33.22 billion, the company’s stock has more than doubled so far this year.

As part of a strategic change in its podcasting unit, Spotify laid off 200 people, or 2% of its workforce, earlier this year. The Swedish streaming giant posted a profit of 65 million euros ($68.9 million), driven by lower marketing expenditures and lower personnel costs.

Spotify raised its subscription prices earlier this year, increasing users’ monthly bills between $1 and $2, depending on their plan. Spotify reported 11% revenue growth year-over-year because of “the early effects of price increases” in its third-quarter earnings report.

“We have raised prices in the past and typically see very little impact on churn,” CFO Paul Vogel said Tuesday. The forecast for this quarter was similar to last quarter’s. The churn rate did not change significantly, while gross additions of subscribers increased.

In the quarter, the company had 574 million monthly active users, compared to 572.1 million estimated by StreetAccount. The company reported an increase of 16% year-over-year in ad-supported revenue of 447 million euros.

Earlier this month, Spotify announced that subscribers would have access to more than 150,000 audio books. It has already launched in the U.K. and Australia and will debut in the U.S. later this year.

In 2015, Spotify branched out into podcasts, its second audio format outside of music.