New Risk • Apr 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: €3.51 (vs €1.10 in 1Q 2025) First quarter 2026 results: EPS: €3.51 (up from €1.10 in 1Q 2025). Revenue: €4.53b (up 8.2% from 1Q 2025). Net income: €721.0m (up 220% from 1Q 2025). Profit margin: 16% (up from 5.4% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €369, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 8x in the Entertainment industry in Germany. Total returns to shareholders of 198% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €562 per share. Announcement • Mar 26
Spotify Technology S.A. to Report Q1, 2026 Results on Apr 28, 2026 Spotify Technology S.A. announced that they will report Q1, 2026 results Pre-Market on Apr 28, 2026 Announcement • Mar 07
Spotify Technology S.A., Annual General Meeting, Apr 15, 2026 Spotify Technology S.A., Annual General Meeting, Apr 15, 2026, at 16:00 W. Europe Standard Time. Location: arendt house, 41a, avenue j.f. kennedy, l-2082 luxembourg, grand duchy of luxembourg., Luxembourg Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €463, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 10x in the Entertainment industry in Germany. Total returns to shareholders of 289% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €675 per share. Reported Earnings • Feb 12
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €10.77 (up from €5.67 in FY 2024). Revenue: €17.2b (up 9.7% from FY 2024). Net income: €2.21b (up 94% from FY 2024). Profit margin: 13% (up from 7.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Feb 11
Spotify Technology S.A. Provides Earnings Guidance for the First Quarter of 2026 Spotify Technology S.A. provided earnings guidance for the first quarter of 2026. For the quarter, the company expects total revenue of €4.5 billion,Assumes ~670 bps headwind to growth Y/Y (vs. ~580 bps in Q4) due to foreign exchange rate movements; based on currency rates as of Fourth Quarter close (e.g. USD: Euro of 0.8514 as of December 31st, 2025) and operating income of €660 million,Incorporates €10 million in Social Charges based on a Fourth Quarter close share price of $580.71. Price Target Changed • Feb 06
Price target decreased by 27% to €474 Down from €649, the current price target is an average from 39 analysts. New target price is 33% above last closing price of €358. Stock is down 41% over the past year. The company is forecast to post earnings per share of €7.33 for next year compared to €5.67 last year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €358, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 18x in the Entertainment industry in Germany. Total returns to shareholders of 205% over the past three years. Announcement • Dec 26
Spotify Technology S.A. to Report Q4, 2025 Results on Feb 10, 2026 Spotify Technology S.A. announced that they will report Q4, 2025 results Pre-Market on Feb 10, 2026 Announcement • Dec 11
Spotify Technology S.A. Announces Election of Alex Norström and Gustav Söderström as Directors, Effective January 1, 2026 Spotify Technology S.A. held an extraordinary general meeting of shareholders and holders of beneficiary certificates on December 10, 2025. The Company's shareholders and holders of beneficiary certificates considered the proposal for the election of directors. Based on the votes set forth in the proxy statement dated November 5, 2025, Alex Norström (B Director) and Gustav Söderström (B Director) were elected as members of the Board of Directors, effective January 1, 2026, for a term ending at the general meeting approving the annual accounts for the financial year ending on December 31, 2025. Buy Or Sell Opportunity • Nov 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €499. The fair value is estimated to be €625, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Announcement • Nov 20
Spotify Appoints Tanmaya Trivedi as Director of Sales Spotify has appointed Tanmaya Trivedi as director of sales. He joins after spending more than ten years at Meta across category leadership roles spanning gaming, education, tech, auto, BFSI, travel, health, real estate and new business. Before Meta, Trivedi worked with Sony Pictures Networks India as assistant vice president, leading revenue and channel initiatives across SET, Sony MIX and the relaunch of SAB TV. His earlier experience includes roles at UTV during the launch of Hungama TV and sales responsibilities at Zee across news and entertainment channels. Trivedi has more than two decades of industry experience and has led teams across sales strategy, category development, cross functional planning and revenue operations. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €4.37 (vs €1.49 in 3Q 2024) Third quarter 2025 results: EPS: €4.37 (up from €1.49 in 3Q 2024). Revenue: €4.27b (up 7.1% from 3Q 2024). Net income: €899.0m (up 200% from 3Q 2024). Profit margin: 21% (up from 7.5% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year whereas the company’s share price has increased by 100% per year. Announcement • Sep 30
Spotify Technology S.A. Announces Leadership Changes, Effective January 1, 2026 Spotify Technology S.A. announced that Founder and Chief Executive Officer Daniel Ek will transition to the role of Executive Chairman effective January 1, 2026. The company also announced Gustav Söderström, co-President and Chief Product and Technology Officer, and Alex Norström, co-President and Chief Business Officer, as its co-Chief Executive Officers. They will report to Daniel Ek and will also serve on the company’s Board of Directors subject to shareholder approval. This evolution formalizes how Spotify has successfully operated since 2023 with the co-presidents largely leading strategic development and operational execution of Spotify. As Executive Chairman, Ek’s role will more closely reflect a European chairman setup, where he will determine capital allocation, map the long-term future of Spotify and continue to provide support and guidance to its senior team. These changes will all be effective January 1, 2026. Announcement • Sep 25
Spotify Technology S.A. to Report Q3, 2025 Results on Nov 04, 2025 Spotify Technology S.A. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025 Reported Earnings • Jul 30
Second quarter 2025 earnings released: €0.42 loss per share (vs €1.37 profit in 2Q 2024) Second quarter 2025 results: €0.42 loss per share (down from €1.37 profit in 2Q 2024). Revenue: €4.19b (up 10% from 2Q 2024). Net loss: €86.0m (down 131% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Announcement • Jun 26
Spotify Technology S.A. to Report Q2, 2025 Results on Jul 29, 2025 Spotify Technology S.A. announced that they will report Q2, 2025 results Pre-Market on Jul 29, 2025 New Risk • May 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: €1.10 (vs €0.99 in 1Q 2024) First quarter 2025 results: EPS: €1.10 (up from €0.99 in 1Q 2024). Revenue: €4.19b (up 15% from 1Q 2024). Net income: €225.0m (up 14% from 1Q 2024). Profit margin: 5.4% (in line with 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 79% per year whereas the company’s share price has increased by 74% per year. Buy Or Sell Opportunity • Apr 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.0% to €491. The fair value is estimated to be €615, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • Mar 27
Spotify Technology S.A. to Report Q1, 2025 Results on Apr 29, 2025 Spotify Technology S.A. announced that they will report Q1, 2025 results Pre-Market on Apr 29, 2025 Buy Or Sell Opportunity • Mar 26
Now 24% undervalued Over the last 90 days, the stock has risen 23% to €539. The fair value is estimated to be €707, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Announcement • Mar 01
Spotify Technology S.A., Annual General Meeting, Apr 09, 2025 Spotify Technology S.A., Annual General Meeting, Apr 09, 2025, at 16:00 W. Europe Standard Time. Location: arendt house, 41a, avenue j.f. kennedy, l-2082, grand duchy of luxembourg., Luxembourg Buy Or Sell Opportunity • Feb 25
Now 21% undervalued Over the last 90 days, the stock has risen 22% to €552. The fair value is estimated to be €695, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Feb 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €5.67 (up from €2.73 loss in FY 2023). Revenue: €15.7b (up 18% from FY 2023). Net income: €1.14b (up €1.67b from FY 2023). Profit margin: 7.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.0%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 59% per year. Buy Or Sell Opportunity • Jan 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to €482. The fair value is estimated to be €401, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Price Target Changed • Jan 24
Price target increased by 52% to €498 Up from €328, the current price target is an average from 34 analysts. New target price is approximately in line with last closing price of €482. Stock is up 145% over the past year. The company is forecast to post earnings per share of €5.79 next year compared to a net loss per share of €2.73 last year. Announcement • Jan 02
Spotify Technology S.A. to Report Q4, 2024 Results on Feb 04, 2025 Spotify Technology S.A. announced that they will report Q4, 2024 results Pre-Market on Feb 04, 2025 Buy Or Sell Opportunity • Nov 16
Now 21% undervalued Over the last 90 days, the stock has risen 44% to €442. The fair value is estimated to be €562, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: €1.49 (vs €0.33 in 3Q 2023) Third quarter 2024 results: EPS: €1.49 (up from €0.33 in 3Q 2023). Revenue: €3.99b (up 19% from 3Q 2023). Net income: €300.0m (up 362% from 3Q 2023). Profit margin: 7.5% (up from 1.9% in 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 23% per year. Announcement • Sep 27
Spotify Technology S.A. to Report Q3, 2024 Results on Nov 12, 2024 Spotify Technology S.A. announced that they will report Q3, 2024 results After-Market on Nov 12, 2024 Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: €1.37 (vs €1.55 loss in 2Q 2023) Second quarter 2024 results: EPS: €1.37 (up from €1.55 loss in 2Q 2023). Revenue: €3.81b (up 20% from 2Q 2023). Net income: €274.0m (up €576.0m from 2Q 2023). Profit margin: 7.2% (up from net loss in 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jun 27
Spotify Technology S.A. to Report Q2, 2024 Results on Jul 23, 2024 Spotify Technology S.A. announced that they will report Q2, 2024 results Pre-Market on Jul 23, 2024 Breakeven Date Change • Jun 25
Forecast to breakeven in 2024 The 31 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €937.1m in 2024. Earnings growth of 41% is required to achieve expected profit on schedule. New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Breakeven Date Change • Apr 25
Forecast to breakeven in 2024 The 32 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €900.3m in 2024. Earnings growth of 40% is required to achieve expected profit on schedule. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: €0.99 (vs €1.16 loss in 1Q 2023) First quarter 2024 results: EPS: €0.99 (up from €1.16 loss in 1Q 2023). Revenue: €3.64b (up 20% from 1Q 2023). Net income: €197.0m (up €422.0m from 1Q 2023). Profit margin: 5.4% (up from net loss in 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Apr 24
Spotify Technology S.A. Provides Earnings Guidance for the Second Quarter of 2024 Spotify Technology S.A. provided earnings guidance for the Second quarter of 2024. For the quarter, the company is forecasting 631 million MAU, implies the addition of approximately 16 million net new MAUs in the Quarter and 245 million total premium subscribers, implies the additionof approximately 6 million net new subscribers in the quarter. EUR 3.8 billion in total revenue and also anticipate a gross margin of 28.1% and an operating profit of EUR 250 million. Announcement • Apr 04
Spotify Technology S.A. Announces CFO Changes Spotify Technology S.A. announced the appointment of Christian Luiga as its new Chief Financial Officer. Christian joins Spotify from Saab AB, a European defense and security company, where he served as Deputy Chief Executive Officer and Chief Financial Officer. Prior to joining Saab AB, Christian also held several key leadership roles including CFO and acting CEO and President at European telecommunications company, Telia. He will be based in Sweden and have responsibility for the following functions: financial planning and analysis, audit and risk, investor relations, accounting, corporate development, tax and treasury. The company currently plans for Christian to join in Third Quarter of 2024. Ben Kung, Spotify Vice President of Financial Planning and Analysis, who has been a leader on finance team for several years will serve as interim CFO. Announcement • Mar 27
Spotify Technology S.A. to Report Q1, 2024 Results on Apr 23, 2024 Spotify Technology S.A. announced that they will report Q1, 2024 results Pre-Market on Apr 23, 2024 Announcement • Mar 08
Spotify Technology S.A., Annual General Meeting, Apr 17, 2024 Spotify Technology S.A., Annual General Meeting, Apr 17, 2024, at 16:00 Central European Standard Time. Location: Arendt House, 41A, avenue J.F. Kennedy, L-2082Luxembourg, Grand Duchy of Luxembourg Luxembourg United States Agenda: To Approve the Company's annual accounts for the financial year ended December31, 2023 and the Company's consolidated financial statements for the financial year ended December31, 2023; to approve the allocation of the Company's annual results for the financial year ended December31, 2023; to grant discharge of the liability of the members of the Board of Directors of the Company for, and in connection with, the financial year ended December31, 2023;to appoint the members of the Board of Directors of the Company for the period ending at the general meeting approving the annual accounts for the financial year ending on December31, 2024; and to discuss other matters. New Risk • Mar 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 07
Full year 2023 earnings released: €2.73 loss per share (vs €2.23 loss in FY 2022) Full year 2023 results: €2.73 loss per share (further deteriorated from €2.23 loss in FY 2022). Revenue: €13.2b (up 13% from FY 2022). Net loss: €532.0m (loss widened 24% from FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Dec 23
Spotify Technology S.A. to Report Q4, 2023 Results on Feb 06, 2024 Spotify Technology S.A. announced that they will report Q4, 2023 results Pre-Market on Feb 06, 2024 Breakeven Date Change • Dec 05
Forecast to breakeven in 2024 The 28 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €296.5m in 2024. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: €0.33 (vs €0.86 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.33 (up from €0.86 loss in 3Q 2022). Revenue: €3.36b (up 11% from 3Q 2022). Net income: €65.0m (up €231.0m from 3Q 2022). Profit margin: 1.9% (up from net loss in 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Oct 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 26
Spotify Technology S.A. to Report Q3, 2023 Results on Oct 24, 2023 Spotify Technology S.A. announced that they will report Q3, 2023 results Pre-Market on Oct 24, 2023 Buying Opportunity • Sep 08
Now 20% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be €185, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 16% in a year. Earnings is forecast to grow by 73% in the next year. Reported Earnings • Jul 26
Second quarter 2023 earnings released: €1.55 loss per share (vs €0.65 loss in 2Q 2022) Second quarter 2023 results: €1.55 loss per share (further deteriorated from €0.65 loss in 2Q 2022). Revenue: €3.18b (up 11% from 2Q 2022). Net loss: €302.0m (loss widened 142% from 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Jul 25
Forecast breakeven date moved forward to 2024 The 28 analysts covering Spotify Technology previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €40.4m in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Announcement • Jun 27
Spotify Technology S.A. to Report Q2, 2023 Results on Jul 25, 2023 Spotify Technology S.A. announced that they will report Q2, 2023 results Pre-Market on Jul 25, 2023 Reported Earnings • Apr 27
First quarter 2023 earnings released: €1.16 loss per share (vs €0.68 profit in 1Q 2022) First quarter 2023 results: €1.16 loss per share (down from €0.68 profit in 1Q 2022). Revenue: €3.04b (up 14% from 1Q 2022). Net loss: €225.0m (down 272% from profit in 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Breakeven Date Change • Apr 26 The 28 analysts covering Spotify Technology previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 67% per year to 2024. The company is expected to make a profit of €271.0m in 2025. Average annual earnings growth of 1.5% is required to achieve expected profit on schedule.
Breakeven Date Change • Mar 22
No longer forecast to breakeven The 8 analysts covering Spotify Technology no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €211.2m in 2025. New consensus forecast suggests the company will make a loss of €358.3m in 2025. Breakeven Date Change • Mar 01
Forecast breakeven date moved forward to 2024 The 27 analysts covering Spotify Technology previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 19% to 2023. The company is expected to make a profit of €6.88m in 2024. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Announcement • Feb 18
Spotify Technology S.A., Annual General Meeting, Mar 29, 2023 Spotify Technology S.A., Annual General Meeting, Mar 29, 2023, at 16:00 Central European Standard Time. Location: Arendt House, 41A, avenue J.F. Kennedy, L-2082 Luxembourg Grand Duchy Luxembourg Agenda: To approve the company’s annual accounts for the financial year ended December 31, 2022 and the company’s consolidated financial statements for the financial year ended December 31, 2022; to approve the allocation of the company's annual results for the financial year ended December 31, 2022; to grant discharge of the liability of the members of the board of directors for, and in connection with, the financial year ended December 31, 2022; to appoint the members of the board of directors for the period ending at the general meeting approving the annual accounts for the financial year ending on December 31, 2023; to appoint ernst & young s.a. (Luxembourg) as the independent auditor for the period ending at the general meeting approving the annual accounts for the financial year ending on December 31, 2023; to approve the directors’ remuneration for the year 2023; and to transact other matters. Announcement • Feb 03
Spotify Technology S.A. Announces Cristina Stenbeck, Director Will Not Stand for Re-Election On February 2, 2023, Spotify Technology S.A. (the “Company”) announced that Cristina Stenbeck will not stand for re-election to the Company’s Board of Directors (the “Board”) at the Company’s 2023 annual general meeting of shareholders and holders of beneficiary certificates (the “Annual General Meeting”). Ms. Stenbeck will continue to serve as a director until the date of the Annual General Meeting. Reported Earnings • Feb 02
Full year 2022 earnings released: €2.23 loss per share (vs €0.18 loss in FY 2021) Full year 2022 results: €2.23 loss per share (further deteriorated from €0.18 loss in FY 2021). Revenue: €11.7b (up 21% from FY 2021). Net loss: €430.0m (loss widened €396.0m from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. Independent Director Mona Sutphen was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 24
Spotify Technology S.A. Announces Resignation of Dawn Ostroff as Chief Content & Advertising Business Officer Spotify Technology S.A. announced that, as part of a broader reorganization, Dawn Ostroff, Chief Content & Advertising Business Officer, will leave the Company. Ms. Ostroff will assume the role of a senior advisor to the Company to help facilitate this transition. The Company also announced that, as part of such reorganization, Alex Norström, currently Chief Freemium Business Officer, and Gustav Söderström, currently Chief Research & Development Officer, will each take on additional responsibilities and be appointed as co-presidents of the Company. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The 27 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €155.9m in 2025. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Announcement • Dec 23
Spotify Technology S.A. to Report Q4, 2022 Results on Jan 31, 2023 Spotify Technology S.A. announced that they will report Q4, 2022 results Pre-Market on Jan 31, 2023 Breakeven Date Change • Nov 16
No longer forecast to breakeven The 27 analysts covering Spotify Technology no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €142.4m in 2024. New consensus forecast suggests the company will make a loss of €62.0m in 2024. Reported Earnings • Oct 27
Second quarter 2022 earnings released: €0.65 loss per share (vs €0.10 loss in 2Q 2021) Second quarter 2022 results: €0.65 loss per share (further deteriorated from €0.10 loss in 2Q 2021). Revenue: €2.86b (up 23% from 2Q 2021). Net loss: €125.0m (loss widened €105.0m from 2Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Oct 27
No longer forecast to breakeven The 24 analysts covering Spotify Technology no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €155.6m in 2024. New consensus forecast suggests the company will make a loss of €18.0m in 2024. Buying Opportunity • Oct 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 18% in a year. Earnings is forecast to decline by 601% in the next year. Breakeven Date Change • Jul 28
Forecast breakeven date pushed back to 2024 The 25 analysts covering Spotify Technology previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 40% per year to 2023. The company is expected to make a profit of €257.4m in 2024. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: €0.68 (vs €0.12 in 1Q 2021) First quarter 2022 results: EPS: €0.68 (up from €0.12 in 1Q 2021). Revenue: €2.66b (up 24% from 1Q 2021). Net income: €131.0m (up 470% from 1Q 2021). Profit margin: 4.9% (up from 1.1% in 1Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 181% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Breakeven Date Change • Apr 28
Forecast breakeven date pushed back to 2023 The 25 analysts covering Spotify Technology previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 20% to 2022. The company is expected to make a profit of €155.3m in 2023. Average annual earnings growth of 44% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 07
Forecast to breakeven in 2022 The 24 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €31.2m in 2022. Earnings growth of 44% is required to achieve expected profit on schedule. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.18 loss per share (up from €3.10 loss in FY 2020). Revenue: €9.67b (up 23% from FY 2020). Net loss: €34.0m (loss narrowed 94% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 19%, compared to a 344% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Breakeven Date Change • Jan 31
Forecast to breakeven in 2022 The 24 analysts covering Spotify Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €107.0m in 2022. Average annual earnings growth of 47% is required to achieve expected profit on schedule. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.01 (vs €0.54 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €2.50b (up 27% from 3Q 2020). Net income: €2.00m (up €103.0m from 3Q 2020). Profit margin: 0.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Breakeven Date Change • Jul 30
Forecast breakeven moved forward to 2022 The 25 analysts covering Spotify Technology previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 81% to 2021. The company is expected to make a profit of €7.06m in 2022. Average annual earnings growth of 66% is required to achieve expected profit on schedule. Reported Earnings • Jul 29
Second quarter 2021 earnings released: €0.10 loss per share (vs €1.91 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €2.33b (up 23% from 2Q 2020). Net loss: €20.0m (loss narrowed 94% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS €0.12 (vs €0.005 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €2.15b (up 16% from 1Q 2020). Net income: €23.0m (up €22.0m from 1Q 2020). Profit margin: 1.1% (up from 0.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: €300 The company is up 39% from its price of €215 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €125 per share. Reported Earnings • Feb 04
Full year 2020 earnings released: €3.10 loss per share (vs €1.03 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €7.88b (up 17% from FY 2019). Net loss: €581.0m (loss widened 212% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 04
Revenue beats expectations Revenue exceeded analyst estimates by 0.07%. Over the next year, revenue is forecast to grow 21%, compared to a 3.4% growth forecast for the Entertainment industry in Germany. Is New 90 Day High Low • Jan 08
New 90-day high: €279 The company is up 32% from its price of €212 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €121 per share. Is New 90 Day High Low • Dec 02
New 90-day high: €258 The company is up 17% from its price of €221 on 03 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.60 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of €665.0m, with earnings decreasing by €1.12b from the prior year. Total revenue was €7.57b over the last 12 months, up 18% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 1.2% at €1.98b. Revenue is forecast to grow 22% over the next year, compared to a 32% decline forecast for the Entertainment industry in Germany. Is New 90 Day High Low • Oct 27
New 90-day high: €240 The company is up 8.0% from its price of €223 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Entertainment industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €70.70 per share. 
