Spotify Technology S.A.

Informe acción NYSE:SPOT

Capitalización de mercado: US$86.3b

Spotify Technology Resultados de beneficios anteriores

Pasado controles de criterios 6/6

Spotify Technology ha aumentado sus beneficios a una tasa media anual de 66%, mientras que los beneficios de la industria de Entertainment han experimentado un crecimiento de 22.2% anual. Los ingresos han ido creciendo a una tasa media de 14.8% al año. La rentabilidad financiera de Spotify Technology es de 33.8%, y sus márgenes netos son de 15.4%.

Información clave

66.00%

Tasa de crecimiento de los beneficios

65.27%

Tasa de crecimiento del BPA

Crecimiento de la industria Entertainment 18.06%
Tasa de crecimiento de los ingresos14.76%
Rentabilidad financiera33.81%
Margen neto15.45%
Última actualización de beneficios31 Mar 2026

Actualizaciones de resultados anteriores recientes

Artículo de análisis Nov 11

We Think Spotify Technology's (NYSE:SPOT) Profit Is Only A Baseline For What They Can Achieve

Even though Spotify Technology S.A. ( NYSE:SPOT ) posted strong earnings, investors appeared to be underwhelmed. We...

Recent updates

Seeking Alpha Apr 29

Spotify: The Sell-Off After Q1 Earnings Is A Gift

Summary I am rating Spotify a 'buy' as valuation multiples have contracted since its peak in 2025, creating an attractive risk-reward profile despite recent post-earnings weakness. SPOT's Q1 FY26 saw revenue of €4.5B (+8% YoY) and operating income of €715M, but forward guidance for Premium subscriber growth and operating profit disappointed. Premium subscriptions drove over 91.5% of revenue, with ARPU remaining resilient even after a February 2026 price hike, though pricing fatigue is a concern. AI-driven investments aim to deepen engagement and support freemium-to-premium conversion, while technical support at $344 and 40% upside to consensus PT underpin bullish positioning. Read the full article on Seeking Alpha
Actualización del análisis Apr 29

SPOT: Future Margin Expansion Will Rely On Recurring Price Hikes

Analysts trimmed Spotify Technology's fair value estimate slightly to $786.63. This reflects lower price targets across several firms, balanced by views that improved profit margins and an updated future P/E assumption still support the long-term case.
Actualización del análisis Apr 15

SPOT: 2026 Price Hikes And AI Features Will Support Margins

The analyst price target for Spotify has edged slightly lower by about $2 to reflect a modestly higher discount rate and slightly softer revenue growth assumptions, even as analysts continue to highlight potential support from improving profit margins and product investments, including AI features. Analyst Commentary Recent research on Spotify reflects a mixed but engaged view, with analysts actively revisiting ratings and price targets as they reassess AI risk, margin trajectory, and the pace of price changes.
Actualización del análisis Mar 31

SPOT: Recurring Price Increases Will Support Future Margin Expansion Potential

Analysts have nudged their price target framework for Spotify higher to $784.59 from $767.84, reflecting slightly firmer assumptions around revenue growth, profit margins, and future P/E in light of a mix of supportive rating actions, incremental price hike expectations, and ongoing debate over AI related risks. Analyst Commentary Recent research on Spotify centers on two themes you should keep in mind: pricing power in Premium subscriptions and how much AI changes the risk profile for the business.
Actualización del análisis Mar 17

SPOT: Recurring Price Hikes And Firmer Margins Will Support Revaluation Potential

Spotify's analyst fair value estimate has been adjusted from $889.24 to $767.84 as analysts factor in slightly higher discount rates and a lower future P/E, partly offset by firmer margin expectations and views that AI related risks to the platform and its pricing power are limited. Analyst Commentary Recent research on Spotify highlights a split view on AI risk and pricing power, but there is a clear cluster of bullish analysts who still see upside in the story despite a period of target cuts across the Street.
Actualización del análisis Mar 03

SPOT: 2026 Price Hikes Will Support Margins Despite AI Concerns

Analysts have slightly reduced their price target on Spotify to $649 from $662. This reflects a modest increase in the discount rate and slightly lower assumptions for revenue growth and future P/E.
Nuevo análisis Feb 27

Spotify (SPOT): The Audio Super-Platform – Scaling Profitability in the "Year of Raising Ambition"

Spotify Technology (SPOT) has decisively silenced the skeptics who questioned its ability to turn massive scale into meaningful profit. Following its Q4 fiscal 2025 earnings report on February 10, 2026 , the stock experienced a powerful 12% surge , eventually stabilizing around $511.84 as of February 27.
Actualización del análisis Feb 17

SPOT: 2026 U.S. Price Hike Will Offset Rising AI Subscription Risk

Analysts have trimmed their average price target on Spotify, reflected in a lower fair value estimate of $662.14 from $733.44, as they factor in higher perceived AI related risk to paid streaming, modestly softer growth assumptions, a richer discount rate, and a more conservative future P/E multiple, despite higher projected profit margins. Analyst Commentary Recent research on Spotify Technology points to a mixed but highly engaged analyst backdrop, with multiple firms revisiting their models around AI risk, pricing, and execution on product initiatives.
Nuevo análisis Feb 13

Spotify - A Fundamental and Historical Valuation

️Business Overview Key Metrics Total: -1/17 +1 ✅ Projected Operating Margin: 17.56% +1 ✅ Projected 5-Year Revenue CAGR: 10.87% +0 ⚠️ Last 5-Year ROIC: 4.68% -2 ❌ Estimated Cost of Capital: 7.71% (greater than ROIC) -1 ❌ Last 5-Year Shares Outstanding CAGR: +2.07% +1 ✅ Projected 5-Year EPS CAGR: 15.46% +0 ⚠️ Projected 5-Year Dividend CAGR: N/A +1 ✅ Estimated Debt Rating: A1 -1 ❌ Morningstar Moat: Narrow -1 ❌ Morningstar Uncertainty: High Despite its Narrow Moat rating by Morningstar, Spotify still shows an operating margin around ~15-20% and expanding. Its revenue and EPS growth is also solid between 10-15%.
Artículo de análisis Feb 05

Spotify Technology S.A.'s (NYSE:SPOT) 26% Cheaper Price Remains In Tune With Earnings

The Spotify Technology S.A. ( NYSE:SPOT ) share price has fared very poorly over the last month, falling by a...
Actualización del análisis Feb 03

SPOT: Free Tier Funnel And 2026 U.S. Price Hike Will Support Leadership

Analysts have trimmed their blended price target for Spotify, with our fair value estimate easing from US$748.60 to about US$733.44. This reflects slightly lower assumed future P/E multiples, which more than offset modestly higher long term revenue growth and profit margin expectations following a wave of recent target cuts and rating changes across the Street.
Actualización del análisis Jan 20

SPOT: Future Price Increases And Margin Goals Will Drive Rerating Potential

Analysts have trimmed their Spotify Technology price targets, with our fair value estimate moving from US$913.70 to US$889.24. They are factoring in slightly softer margin assumptions, modestly lower growth estimates, and a higher future P/E, while still referencing potential benefits from pricing changes and longer term margin goals.
Actualización del análisis Jan 06

SPOT: Pricing Power And AI Collaboration Will Shape Balanced Risk Reward Outlook

Analysts have nudged their price targets for Spotify higher, citing a supportive mix of pricing power, a constructive view on music industry economics, and a willingness to underwrite a richer future P/E multiple of around 38.7x. Analyst Commentary Recent research on Spotify reflects a mix of enthusiasm for the business model and pricing potential alongside debate over how much optimism is already reflected in the share price.
Actualización del análisis Dec 14

SPOT: Pricing Power And AI Will Shape Balanced Risk Reward Outlook

Our fair value estimate for Spotify Technology has been raised by about $37 to roughly $569 per share, as analysts grow more confident in accelerating revenue growth, expanding profit margins, and the earnings power implied by recent price target revisions across the Street. Analyst Commentary Recent Street commentary on Spotify highlights a mix of optimism around pricing power, product innovation, and artificial intelligence, alongside a more measured tone on valuation and execution risk.
Actualización del análisis Nov 18

SPOT: User Gains From Free Tier Funnel Will Drive Competitive Leadership

Spotify’s analyst price target has been modestly increased from approximately $736 to $749, as analysts point to rising expectations for revenue growth and margin expansion. This outlook is fueled by upcoming price increases and ongoing product enhancements.
Artículo de análisis Nov 11

We Think Spotify Technology's (NYSE:SPOT) Profit Is Only A Baseline For What They Can Achieve

Even though Spotify Technology S.A. ( NYSE:SPOT ) posted strong earnings, investors appeared to be underwhelmed. We...
Artículo de análisis Nov 07

Spotify Technology S.A. Just Recorded A 63% EPS Beat: Here's What Analysts Are Forecasting Next

Last week, you might have seen that Spotify Technology S.A. ( NYSE:SPOT ) released its quarterly result to the market...
Actualización del análisis Nov 01

SPOT: Upcoming Price Increases And Product Changes Will Drive Future Upside

Analysts have slightly lowered their fair value estimate for Spotify Technology by approximately $10 to $736. They cite a balanced outlook in light of evolving industry pricing opportunities and the company's recent financial performance trends.
Actualización del análisis Oct 17

Generative AI And Personalization Will Shape Future Entertainment

Spotify’s consensus analyst price target has been adjusted slightly lower, from $747.78 to $746.42. This change reflects updated expectations around revenue growth and profit margins as analysts weigh recent price increases, user engagement momentum, and the outlook for cost management.
Actualización del análisis Oct 03

Generative AI And Personalization Will Shape Future Entertainment

Analysts have slightly lowered their fair value estimate for Spotify Technology, adjusting the price target from $756 to $748. More balanced risk-reward expectations and moderated growth outlooks for key metrics offset recent model updates and price increases.
Actualización del análisis Sep 17

Generative AI And Personalization Will Shape Future Entertainment

Analysts have raised Spotify’s price targets, citing robust subscriber growth, improved product differentiation and engagement, and greater pricing power despite near-term cost headwinds, leading to a consensus Analyst Price Target increase from $739.83 to $756.18. Analyst Commentary Bullish analysts are raising price targets on expectations of continued price increases in key markets and further upward revisions to long-term revenue and profit estimates.
Artículo de análisis Jul 31

Is It Too Late To Consider Buying Spotify Technology S.A. (NYSE:SPOT)?

Let's talk about the popular Spotify Technology S.A. ( NYSE:SPOT ). The company's shares saw a decent share price...
Artículo de análisis Jul 02

Spotify Technology (NYSE:SPOT) Could Easily Take On More Debt

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Seeking Alpha Apr 16

Spotify Is Executing Brilliantly, But The Stock Isn't A Buy Anymore (Rating Downgrade)

Summary Spotify's stock has surged 85.1% since my initial “cautious buy” rating, driven by better-than-expected company improvements and strong execution. Despite impressive growth, the reduced margin of safety now requires greater optimism for a favorable valuation, prompting a downgrade to “cautious hold”. Spotify has achieved significant milestones, including a +30% gross margin and +670 million MAUs, through strategic initiatives and cost management. Risks remain, such as dependency on record labels and increasing competition, making long-term growth visibility less clear and necessitating cautious optimism. Read the full article on Seeking Alpha
Seeking Alpha Mar 14

Spotify: The Road Ahead Is Tough, But It Is Positioned Well

Summary Spotify continues to lead in music streaming with strong growth, innovative features, and a dominant market position, despite recent stock price declines. The company achieved record Q4 results and profitability in 2024, but faces challenges in further margin expansion and increased competition from YouTube. Future success hinges on maintaining efficiency, better monetizing emerging markets users, and significantly improving ads and video capabilities. Considering the challenges ahead, Spotify's Valuation is a bit too high at 46 times forward earnings, making it a 'Hold'. Read the full article on Seeking Alpha
Seeking Alpha Feb 14

Spotify: Just Getting Started

Summary The monetization process is just getting started. Spotify may have multiple years of high earnings growth and increasing FCF. Growing premium subscribers with higher ARPU is the main earnings driver, boosting EBITDA and free cash flow and enhancing shareholder value. Spotify is beginning to gain pricing power from music labels that adds upside risk to its monetization story. The stock's valuation is transitioning to higher EPS-based multiples, I target a price of $770 by YE26. Competition from Amazon and Apple poses a risk, but Spotify's monetization strategy and profitability shift support a continued buy rating. Read the full article on Seeking Alpha
Seeking Alpha Feb 05

Spotify Q4: Profitability Is Only Getting Better

Summary Spotify released its Q4 earnings on 2/4, impressing the market. This was mostly off the back of growing premium subscribers from Q4 2024, and continued growth into Q1 2025. MAUs are up, revenue is up, and expenses are down; Spotify is in a great position and has finally turned a profit for a full year. Compound this with its high valuation, and you have a set-up for success or failure depending on future earnings and if growth can maintain its trajectory. Read the full article on Seeking Alpha
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Nuevo análisis Feb 05

Narrative update from Michael Paige

Retain Dominant Market Share Position In Paid Music StreamingThis assumptions appears to be tracking well and ahead of my conservative estimates. I estimated 8% growth per year in MAU and premium subs
Seeking Alpha Jan 22

Spotify Q4 Preview: Changing Creator Incentives

Summary Spotify's shares have surged 31.99% since October, driven by AI optimization and enhanced user experiences, boosting demand and premium subscriptions. The new creator incentive program, offering 50% ad revenue share, is a game changer, attracting more high-quality content to Spotify. Despite market pessimism, I believe Spotify's Q4 earnings will exceed expectations due to these creator innovations and strong user engagement metrics. SPOT's strong free cash flow growth and competitive creator incentives position it for significant upside, making it a strong buy heading into Q4 earnings. Read the full article on Seeking Alpha
Seeking Alpha Jan 15

Spotify: The Operational Leverage Run Is Close To Being Over, What's Next?

Summary Spotify emerged stronger from the 2022 market selloff, with its stock up over 6x since December 2022 due to margin expansion and consistent growth. Key growth drivers included aggressive cost-cutting, gaining leverage over music labels, and diversifying into podcasts and audiobooks. Future growth will depend on emerging markets and advertising, though these come with lower ARPU and more uncertainty. Spotify's operational leverage has limits, and the company faces challenges in maintaining the margin expansion story while making strides into video and competing with YouTube. The current valuation and consensus estimates don't reflect the higher uncertainty, leading to a 'Hold' rating. Read the full article on Seeking Alpha
Seeking Alpha Dec 15

Spotify: My Top Investment Pick For 2025

Summary I recommend a "Strong Buy" for Spotify as I highlight robust growth, pricing power, and profitability improvements. Spotify's Q3 results were stellar, with gross margins at 31.1%, revenue up 19% YoY, and free cash flow soaring 230% to $711 million. The platform's scalable, low-cost model, AI-driven personalization, and new subscription tiers ensure sustained growth and high margins without significant overhead. Looking ahead, Spotify's video podcast push, new "Superfan" tier, and enhanced ad tools will drive further revenue and margin gains, with analysts projecting €3.6 billion in FCF by 2026. Read the full article on Seeking Alpha
Seeking Alpha Dec 08

From $15 Billion To $100 Billion: Lessons From Our Spotify Investment

Summary Spotify's stock surged from $132 to $500 per share since its 2018 IPO, delivering a 23% annualized return over 6.5 years. Despite past doubts about its profitability, Spotify's recent improvements in gross margins and cost discipline have renewed optimism in its long-term potential. The company's strategic shift towards advertising and price increases has driven revenue growth and positioned it for future profitability. Adopting a principle of letting winners naturally concentrate in the portfolio has proven effective, with Spotify now representing 15% of our holdings. Read the full article on Seeking Alpha
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Nuevo análisis Nov 24

Expanding Audiobook Offerings And AI Innovation Propel Dynamic Growth Trajectory

Expansion into audiobooks and AI-enhanced music discovery are set to boost user engagement and revenue growth.
Seeking Alpha Nov 12

Spotify Q3: Strong Subscriber Growth And Margin Improvement

Summary I reiterate a Strong Buy on Spotify Technology S.A. stock with a one-year price target of $500 per share, due to strong subscriber growth and improved monetization. Spotify's potential launch of an ads exchange platform could enhance video ad offerings, reduce reliance on Alphabet and Meta, and boost ad revenue. Spotify's Q3 results showed 19% revenue growth and 11.5% growth in monthly active users, with new features enhancing user experience and reducing churn. Despite SPOT's ongoing legal battles with the Mechanical Licensing Collective, I project 16% annual revenue growth, driven by subscriber gains, price increases, and advertising expansions. Read the full article on Seeking Alpha
Seeking Alpha Oct 03

Spotify: Who's There? TikTok - Buy

Summary I'm maintaining my buy-rating on Spotify in light of TikTok Music's shutdown this November, which I expect will boost Spotify's subscriber base significantly. I expect SPOT to outperform due to momentum in premium subscribers' organic growth and migration from TikTok. I hereon share my positive sentiment on Spotify and why I see more upside in 4Q24 and FY25. Read the full article on Seeking Alpha
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Nuevo análisis Sep 19

Narrative update from Richard Bowman

Monthly active users up 2% Q/Q and 14% Y/Y
Seeking Alpha Sep 13

Spotify: Why We Remain Confident In The Position We've Built

Summary Back in 2022, Spotify was trading at roughly $15 billion. Now, just 18 months later, Spotify is valued at about $68 billion - a 4.3x increase. Our average cost basis is $216, as we increased our position as the stock rose. As a result, the stock return from that cost basis stands at 58%. We remain confident in the position we've built, given the company's strong long-term growth and profitability potential. Read the full article on Seeking Alpha
Seeking Alpha Aug 24

Spotify: Beware Slowing MAU Growth, Lock In Gains And Sell (Rating Downgrade)

Summary Shares of Spotify are up more than 80% year to date, and there are significant fundamental risks ahead. The company is reporting slower-than-expected MAU expansion, which hurts the future pipeline of Premium subscribers while also slowing down near-term ad revenue. The stock trades at a significant premium to both the S&P 500 and Netflix. Downgrading Spotify to sell, especially as recent price increases (pushing a Spotify subscription above competitor pricing) may trigger heightened churn. Read the full article on Seeking Alpha
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Nuevo análisis Aug 16

Narrative update from Michael Paige

In terms of market share, nothing has particularly changed, and reports still indicate that it has around one-third of market share in the industry. 
Seeking Alpha Jul 23

Spotify Q2: Subscriber Gains With Improved Monetization

Summary Spotify Technology S.A. shows 14% year-over-year growth in monthly active users, highlighting subscriber gains and improved monetization. The company's strategies in podcasts and ad-supported streaming services contribute to subscriber growth and revenue increases. Forecasting 22% revenue growth for FY24, with potential downside risks from competition with Apple Music. Reiterating “Strong Buy” rating with $400 price target. Read the full article on Seeking Alpha
Seeking Alpha Jul 16

Spotify: Ready To Jump As Price And Bundling Adjustment Flow To Earnings

Summary Spotify's price increases and bundling strategy represent a well-calculated move to enhance revenue and improve gross margins. Investors should take Spotify's pricing power as a testament to the company's market leadership and its ability to leverage its vast user base for incremental revenue gains​​. Looking to Q2, I expect the upcoming earnings report to broader validate Spotify’s strategic direction and its capability to generate long-term shareholder value. I increase my target price for Spotify stock to $453. Spotify remains my top investment pick. Read the full article on Seeking Alpha
Seeking Alpha Jul 08

Spotify's Price Hikes Make It Expensive For Everyone

Summary Spotify's strong performance in 2024 includes a significant increase in premium subscribers and progress towards GAAP profitability. Despite impressive user growth, caution is advised due to recent price hikes in an uncertain inflationary environment and potential consumer pushback. Valuation suggests minimal upside for Spotify stock, with a forward valuation premium of ~63x and risks associated with the second round of price hikes. Read the full article on Seeking Alpha

Desglose de ingresos y gastos

Cómo gana y gasta dinero Spotify Technology. Basado en los últimos beneficios reportados, en base a los últimos doce meses (LTM).


Historial de beneficios e ingresos

NYSE:SPOT Ingresos, gastos y beneficios (EUR Millions)
FechaIngresosBeneficiosGastos G+AGastos de I+D
31 Mar 2617,5292,7081,9161,345
31 Dec 2517,1862,2121,9051,393
30 Sep 2516,8971,4051,8951,470
30 Jun 2516,6138061,8791,503
31 Mar 2516,2271,1661,8641,476
31 Dec 2415,6731,1381,8731,486
30 Sep 2415,1027011,8261,384
30 Jun 2414,4714661,8661,411
31 Mar 2413,841-1101,9591,485
31 Dec 2313,247-5322,0401,606
30 Sep 2312,742-7322,1481,672
30 Jun 2312,421-9632,2561,689
31 Mar 2312,108-7862,2581,572
31 Dec 2211,727-4302,1981,387
30 Sep 2211,250-1992,0491,225
30 Jun 2210,715-311,8421,047
31 Mar 2210,182741,675966
31 Dec 219,668-341,585912
30 Sep 219,147-1201,518891
30 Jun 218,621-2231,483859
31 Mar 218,179-5591,462871
31 Dec 207,880-5811,471837
30 Sep 207,567-6651,412778
30 Jun 207,323-3231,312738
31 Mar 207,101-431,224622
31 Dec 196,764-1861,166615
30 Sep 196,4044651,006542
30 Jun 196,025267969541
31 Mar 195,631-51959533
31 Dec 185,259-78903493
30 Sep 184,913-1,116944516
30 Jun 184,593-1,437936479
31 Mar 184,327-1,231876431
31 Dec 174,090-1,235831396
31 Dec 162,952-539543207
01 Jan 161,940-230325136

Ingresos de calidad: SPOT tiene ganancias de alta calidad.

Margen de beneficios creciente: Los actuales márgenes de beneficio (15.4%) de SPOT son superiores a los del año pasado (7.2%).


Análisis del flujo de caja libre vs. Beneficios


Análisis del crecimiento de los beneficios en el pasado

Tendencia de beneficios: SPOT ha pasado a ser rentable en los últimos 5 años, con un crecimiento de los beneficios de 66% al año.

Acelerando crecimiento: El crecimiento de los beneficios de SPOT en el último año (132.2%) supera su media de 5 años (66% al año).

Beneficios vs. Industria: El crecimiento de los beneficios de SPOT en el último año (132.2%) superó al de la industria Entertainment -3.2%.


Rentabilidad financiera

Alta ROE: La rentabilidad financiera (33.8%) de SPOT se considera alta.


Rentabilidad económica


Rendimiento del capital invertido


Descubre empresas con buenos resultados en el pasado

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2026/05/06 13:32
Precio de las acciones al final del día2026/05/06 00:00
Beneficios2026/03/31
Ingresos anuales2025/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

Spotify Technology S.A. está cubierta por 71 analistas. 36 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
William Noel MilnerArete Research Services LLP
Richard KramerArete Research Services LLP
Samuel LourenszArete Research Services LLP