(Reuters) - Spotify forecast current-quarter operating profit below Wall Street estimates on Tuesday as it grapples with higher payroll taxes, taking the shine off its strong subscriber growth and sending the company's shares down 8% before the bell.

The company's efforts to boost profitability are being closely watched by investors after it benefited in recent years from price increases and cost-cutting initiatives.

Spotify's March-quarter operating profit of 509 million euros also missed estimates due to the higher payroll taxes tied to employee salaries and benefits in some countries.