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Spotify shares drop 11% despite Q1 beat due to cautious Q2 profit and subscriber outlook

Company Fundamentals
28 Apr 2026
Proactive Investors
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Bearish
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Spotify reported stronger-than-expected Q1 2026 results with revenue of €4.53 billion and earnings per share of €3.45, beating forecasts. Monthly active users rose 12% to 761 million, and net subscriber additions far exceeded estimates. However, shares fell nearly 11% after the company issued cautious Q2 guidance, forecasting lower operating income and fewer subscriber additions than expected. Spotify's co-CEOs highlighted strong user engagement and growth potential amid a new leadership structure.

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