Spotify Technology SA

SPOT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Spotify Earnings: A Forecast Rise in Costs Spooks the Market, but the Business Looks Very Healthy

Matthew Dolgin

Apr 28, 2026

Spotify's first-quarter sales, profits, and user metrics were all very good, as were second-quarter sales and subscriber outlooks. The only negatives we saw were a second-quarter operating profit forecast well below the FactSet consensus and an ad-supported business still struggling.

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Spotify Technology SA

Spotify Earnings: A Forecast Rise in Costs Spooks the Market, but the Business Looks Very Healthy

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