经济观察网 2026年2月10日，Spotify Technology S.A.发布了2025年第四季度财报，显示业绩强劲。季度 营收为45亿欧元，同比增长7%；净利润达到11.7亿欧元，较上年同期增长200%，每股收益为4.43欧 元，远超市场预期。月活跃用户数创纪录新增3800万，达到7.51亿，付费订阅用户增至2.9亿。毛利率提 升至33.1%，运营利润超预期，主要受益于用户增长和成本控制措施。公司预计2026年第一季度营业收 入为6.6亿欧元，高于分析师预期，并将今年定位为"提升雄心之年"。 股票近期走势 近期股价受财报影响波动显著。2026年2月10日财报发布后，股价收盘于476.02美元，单日大涨 14.75%。随后交易日出现回调，2月12日收盘跌至445.79美元，但2月13日反弹至458.34美元，单日涨 2.82%。近7天（2026年2月9日至13日）区间涨跌幅为8.45%，振幅达22.39%，成交额活跃，显示市场情 绪分化。最新收盘价为2026年2月13日的458.34美元。 近期事件 2026年2月12日，技术甄谈报告指出Spotify目标价区间为550-850美元，评级"强烈买入"，看 ...

Spotify Technology S.A. (NYSE:SPOT) is one of the best foreign stocks to buy right now. On February 11, Bernstein SocGen Group analyst Ian Moore reaffirmed an Outperform rating on Spotify Technology S.A. (NYSE:SPOT) and maintained a $650 price target. Strong Results Drive Analyst Confidence in Spotify Technology S.A. (SPOT) Copyright: dennizn / 123RF Stock Photo According to the analyst, the move was based on Spotify’s stellar performance. Moore was referring to Spotify’s blowout Q4 earnings results and ...

业绩经营情况 2月12日美股纳斯达克指数下跌2.03%，科技股普遍承压，AI软件板块跌幅明显。Spotify作为科技及媒 体内容平台，易受整体科技板块情绪影响。同时，市场对AI工具可能颠覆传统内容分发模式的担忧持 续存在，投资者对长期增长逻辑的审视加剧了抛售。 公司基本面 尽管公司2025年全年营收同比增长10%至172.36亿欧元，净利润同比大幅增长，但第四季度营收为45.3 亿欧元，同比增长7%，增速较前三季度有所放缓。此外，全年毛利率为31.86%，虽同比提升，但低于 部分投资者对音频流媒体平台成本优化空间的预期。市场可能关注到其广告支持业务收入同比下降，且 北美市场增长疲软，这些因素削弱了财报的积极信号。 股价与资金表现 2月10日财报发布当日股价大涨14.75%，2月11日继续上涨2.34%，两个交易日累计涨幅近17%。短期涨 幅过大后，部分获利盘在2月12日集中了结，导致股价回调。当日换手率达3.35%，成交额约31亿美 元，卖压显著。 行业与风险分析 经济观察网Spotify Technology S.A.(SPOT.N)在发布2025年第四季度及全年业绩报告后，股价于2026年2 月12日出现 ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with a total of over $58 million in revenue for the nine months ending December 31, 2025 [4][14] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a total of over $3.7 million for the audio division in the nine-month period [5][14] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 fiscal 2026 [14] Business Line Data and Key Metrics Changes - The audio division generated $52.2 million in revenue over nine months, with Q3 revenue of $18.6 million [5][14] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million in Q3 [14][15] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [14] Market Data and Key Metrics Changes - The company is trading at 60% of revenues, while the industry is trading over 3x revenues, indicating a significant undervaluation [6] - The B2B pipeline has grown over 30% in the last 120 days, with over 100 active enterprise opportunities [6][7] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][8] - A strategic shift towards owning intellectual properties and original content is underway, with over 15 original projects in the pipeline [8][9] - The company is evolving its leadership structure to enhance focus on B2B partnerships and AI initiatives [11][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for transformational growth, citing a strong B2B pipeline and improving industry dynamics [15][40] - The company anticipates reaching profitability by the end of the fiscal year, leveraging over $125 million in net operating loss carryforwards for tax efficiencies [5][6] - Management highlighted the importance of AI in enhancing personalization and optimizing monetization, driving B2B demand [10][73] Other Important Information - The company has reduced operating expenses by over 52% year-over-year and streamlined its workforce from 350 to 88 employees [4][5] - A share repurchase program is being expanded, reflecting confidence in the company's undervaluation [12] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management noted that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [18][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a significant advantage [31][32] Question: How is the advertising revenue for Slacker's non-subscription customers progressing? - Management highlighted a robust advertising business across audio platforms and noted a partnership with DAX to enhance advertising offerings [25][26] Question: What is the timing for the 30 million subscriber deal? - Management stated that the deal is signed and expected to ramp up in the following year, with some revenue potentially starting this quarter [59][61] Question: What is the expected impact of Tesla user conversions on revenue? - Management confirmed that the conversion from ad-supported to paid subscriptions is expected to contribute significantly to revenue growth [67][68]

Core Viewpoint - Spotify's Q4 financial results exceeded market expectations, leading to a nearly 20% surge in its stock price, although it remains down nearly 20% from its year-to-date high [1]. Financial Performance - Spotify achieved a record gross margin of 33.1% in Q4, driven by its focus on audiobooks and high-margin podcasts [4]. - The company added 38 million new subscribers in Q4, marking the largest quarterly increase in its history [4]. - There is a notable increase in operating income, indicating that previous headwinds related to Swedish payroll taxes are now resolved [4]. Subscriber Growth and Market Position - Spotify's outlook suggests continued profitability with an expected increase to 759 million subscribers in the current quarter [5]. - The company is transitioning smoothly to new leadership under co-CEOs Gustav Soderstrom and Alex Norstrom [5]. Valuation and Investment Potential - Spotify shares are currently trading at a significant discount compared to its historical average and peer Netflix, with a price-to-sales (P/S) multiple of 4.37x versus Netflix's 7.68x [6]. - Wall Street maintains a "Strong Buy" consensus rating for Spotify, with a mean target price indicating potential upside of over 45% [7]. User Acceptance and Growth Potential - Spotify's user growth trajectory shows no signs of hitting a ceiling, and recent price hikes have been accepted by users [8].

Core Insights - Spotify's stock has rallied approximately 16% following a strong fourth quarter earnings report, beating both revenue and earnings expectations [1][3] - The company reported an 11% year-over-year increase in monthly active users and a 10% rise in premium subscribers [1] Financial Performance - Spotify's revenue increased by 10%, indicating strong growth in its subscriber base [8][10] - The company is seen as undervalued, with potential for further revenue growth through price increases and expansion into new content areas [4][10] Market Position and Strategy - Spotify is evolving from a music streaming service to a multimedia platform, expanding into audiobooks, podcasts, and live music ticketing [5][14] - The company has a significant number of audiobooks (500,000) and video podcasts (50,000), showcasing its diversification strategy [14][16] Subscriber Growth and Pricing Power - The growth in premium subscriptions is crucial for Spotify, with the company expected to continue raising prices without significant subscriber loss [6][11] - The pricing strategy is considered conservative, allowing room for future increases as Spotify expands its content offerings [11][12] Competitive Landscape - Spotify's partnership with Netflix is a distribution deal aimed at increasing visibility and audience reach, rather than a merger [16][18] - The competitive threat from platforms like YouTube is acknowledged, emphasizing the need for Spotify to innovate in advertising and content integration [19][21] Risks and Challenges - There are concerns regarding artist satisfaction, as many artists feel undercompensated for their streams, which could impact Spotify's growth and content acquisition strategies [22][23] - The integration of AI in content creation raises apprehensions among creatives, which could affect Spotify's relationships with artists [23]

Spotify Technology (NYSE: SPOT) is pushing meaningfully higher in premarket on Tuesday after the audio streaming giant posted a blockbuster Q4 and issued surprisingly positive outlook for the current ... ...

Core Insights - Spotify Technology S.A. reported a significant increase in profit for Q4, primarily due to revenue growth and higher finance income [1] - The company's shares surged over 14% in pre-market trading following the earnings report [1] Financial Performance - Profit before tax more than doubled to €1.021 billion from €499 million in Q4 2024 [1] - Net income attributable to owners rose to €1.174 billion, or €4.43 per share, compared to €367 million, or €1.76 per share, in the same quarter last year [2] - Revenue for the quarter increased by 7% to €4.531 billion from €4.242 billion year-on-year [2] - Operating income rose to €701 million from €477 million a year earlier [1] Additional Financial Metrics - Finance income increased to €349 million from €127 million last year [3] - The company recorded an income tax benefit of €153 million in Q4 [3] User Growth - Total Monthly Active Users (MAUs) grew by 11% year-on-year to 751 million [3] - Premium subscribers increased by 10% to 290 million [3] Future Projections - For Q1, the company expects revenue of €4.5 billion and total MAUs of 759 million [3] - Projected operating income for Q1 is €660 million [3] Stock Performance - Spotify shares closed at $414.84 on Monday, down 1.84% [3]

Feb 10 (Reuters) - Spotify forecast first-quarter earnings above Wall Street estimates on Tuesday, as the Swedish audio-streaming benefits from strong user growth and ​price hikes, sending its shares up around 12% in premarket trading. The ‌results are the first since co-CEOs Gustav Soderstrom and Alex Norstrom took the reins from founder Daniel ‌Ek, who became executive chairman in January. While price increases in several markets and cost cuts powered profits in the December quarter, the company's re ...

Spotify forecast first-quarter earnings above Wall Street estimates on Tuesday, as the Swedish audio-streaming giant attracts new users even after price hikes, sending its shares up 10% in premarket t... ...