Movies and Entertainment

Spotify

Today’s Key News Recap

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0429 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed will hold its policy meeting in Washington this week, with the decision due Wed 2:00pm ET (Thu 2:00am Beijing). Markets will focus on the rate decision, policy stance and forward guidance on the easing path.With growth and inflation still resilient, consensus expects rates to be kept on hold this time. 🐬 Single Stocks 1) $NIO-SW(09866.HK) $NIO Inc(NIO.US) Under Nio’s ONVO brand, the smart dual-cockpit, large five-seat flagship SUV ONVO L80 has been introduced. Pre-sales have started.

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Fed decision due tonight; NIO's ONVO L80 pre-sale in focus | Daily News Recap

Conference Minutes

Below is Dolphin Research's Trans of $Spotify(SPOT.US) FY26 Q1 earnings call. For the earnings read, cf. 'Spotify: expectation gaps and flaws triggered a plunge; streaming is now an old flame'.Core highlights: 1) Shareholder returns — repurchased $361 mn in Q1, continuing to use buybacks to offset SBC dilution. Retired $1.5 bn of maturing convertibles with cash, with no new share issuance.Cash and equivalents at quarter-end were $8.8 bn. Excluding lease liabilities, the company had no debt...

SPOT (Trans): User retention steady after price hikes; GPM affected by new investment

Financial Analysis

$Spotify(SPOT.US) Q1 2026 results were released pre-market on Apr 28. The main issue was guidance: the market still wanted the classic streaming playbook of price hikes lifting margins.However, in its Q2 outlook, net subscriber adds and GPM did not fully meet expectations, prompting a sell-off. Given management's consistent conservatism on guidance, Dolphin Research believes the actual shortfall may be less severe. The sharp swings in recent quarters have largely reflected the old problem of a rich multiple...

SPOT: Tumbles on expectations miss; streaming is yesterday's darling

SPOT 1Q26 Quick Take: Q1 print underwhelmed, mainly because the Q2 guide fell short. Investors still want the classic streaming logic—scaled leadership enabling smooth price hikes, volume plus pricing driving sustained profit and FCF expansion—but the outlook suggests otherwise. 1) Price increases face near-term friction. Q2 net sub adds are guided to 6mn vs. ~7mn expected. 2) Margin uplift is insufficient. Price hikes do not fully offset higher royalty/content costs, with Q2 GPM guided at 33.1% vs. the latest 33.7% est. (Jefferies), driving OP of 630mn also below expectations. 3) Opex is also moving higher. This indirectly reflects management's resolve to invest in this 'ambition year'. Q1 itself was clean and broadly in line. But that was not enough to offset the softer guide and rebuild confidence.We think management tends to guide conservatively, so concerns may be overstated. The pre‑mkt reaction looks like a sentiment penalty for not fitting the prevailing AI disruption narrative, as AI‑aligned names get a premium and traditional software platforms like Spotify face over‑selling, especially with valuation not cheap. Spotify will host a rare Investor Day in May. The last mid‑term update boosted confidence, and this one comes at a pivotal phase, which could be a near‑term catalyst and merits close watch. $Spotify(SPOT.US)

Jefferies Financial

SHOP

SHOP 4Q25 First Take: Another strong quarter with GMV, revenue, and FCF all beating, and an even stronger 1Q26 guide. GMV, revenue, and cash flow topped expectations, while the outlook for 1Q26 came in stronger. Specifically: 1) GMV rose 31% YoY, handily ahead of the Street’s ~28%, quelling slowdown fears. Payments penetration increased 200bps QoQ to 67%, driving GPV up 37% vs. ~31% expected. With ecosystem volume strong and the overall take rate up another 6.6bps YoY (in line), Merchant Solutions revenue grew nearly 35%, about 3ppt above estimates. 2) In Subscriptions, the drag from prior free/low-price trials has largely rolled off, lifting MRR growth back to 15%, a slight beat. Subscription Solutions revenue growth also re-accelerated to ~17%, about 1.4ppt above expectations. 3) Despite robust top-line, margins were pressured as expected. Blended GPM was 46.1%, down 200bps YoY and a touch below estimates. With the trial impact fading, Subscription Solutions GPM improved slightly. However, a higher mix of lower-margin payments revenue and seasonally higher bandwidth and related costs in 4Q weighed on consolidated margins. Even so, the Merchant Solutions GPM decline was somewhat steeper than expected. Dolphin Research suspects a mix shift toward mid/large enterprises (also likely behind the GMV beat), or other mix changes. 4) Opex came in below prior guidance, with total expenses up only ~20% YoY vs. ~25% last quarter and Street expectations. This was mainly due to lower provisions for transaction and loan losses. On strong growth and lighter-than-expected spend, FCF reached 71.5bn, up 17% YoY and well above the Street’s conservative +11% view. 5) The 1Q26 guide is notably strong: revenue growth is guided similar to this quarter, i.e., 30%+, far above the Street’s 25% (which still embeds a slowdown). Opex ratio is guided to 37%–38% vs. 38.5% expected. In short, stronger growth with lower spend than anticipated. The only blemish is a low FCF margin guide of ~10%–15%, below the Street’s 16.4%. Overall, both results and guidance are better than expected; fundamentals leave little to nitpick, with valuation the main overhang. $Spotify(SPOT.US)

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0211 | Dolphin Research Focus: 🐬 Stock 1, $XIAOMI-W(01810.HK) On the evening of Feb 10, Lei Jun live-streamed from Xiaomi Auto's Yizhuang, Beijing plant. He announced the final first-gen SU7 had rolled off the line and shipped, marking the model's official discontinuation, with cumulative deliveries nearing 370k units. Production lines are being retooled for the next-gen SU7, slated for an Apr launch.The first-gen wrap-up validates Xiaomi Auto's mass-production capability and market acceptance. The capacity transition paves the way for a volume ramp of the new model, a near-term positive for order conversion and brand perception, with Xiaomi up over 4% today...

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MSFT Eyes High-Temp Superconductors to Ease AI Power Bottlenecks; BABA's RynnBrain Aims to Give Machines a Brain | Daily News Recap

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Below is Dolphin Research's FY25 Q4 earnings call Trans for $Spotify(SPOT.US). For our earnings take, see 'Multiple narratives breaking down? Spotify remains small but beautiful'.Core metrics recap. 1) In Q4, MAU net adds hit a quarterly record, taking total MAUs past 750mn. Q1 guidance: MAUs at 759mn and Premium subs at 293mn.2) Q1 (2026) financial guidance. Total revenue: €4.5bn...

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SPOT (Trans): AI unlocks content at scale, boosts personalization and user engagement

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$Spotify(SPOT.US) Q4 2025 results were released pre-market on Feb 10, coming in slightly ahead of expectations. Ahead of the print, multiple negative narratives had driven sentiment to a low and the stock kept correcting. An error-free report alone was enough to ease some concerns.1) GPM steadied nerves: Q4 GPM reached 33.1%, beating estimates. QoQ improvement was driven by price hikes, while the YoY expansion largely reflected lower royalties on bundled plans. However, the Q1 guide implies a slight QoQ dip, likely starting to reflect the impact of new licensing agreements...

Narratives crack and sentiment wobbles? SPOT remains the nimble, high‑quality play.

Spotify 4Q25 First Take: Q4 print and guide were solid vs. expectations. Heading into the release, sentiment and forward fundamental expectations were near a trough amid several bearish narratives. (In the comp chart below, Dolphin Research pulled Jefferies' late-Jan estimates; vs. BBG consensus, recent positioning looks cautious.) In this setup, a 'no‑drama' report already helps release pressure. That said, investors will want clarity from management on the profit trajectory and targets (further price hikes or other cost actions) and on AI's impact to the medium/long-term outlook. 1) GPM steadies nerves: With a high royalty cost ratio, gross margin swings drive earnings sensitivity, making GPM the key metric to watch. It reflects horizontal competitiveness (end-user pricing power) and vertical bargaining power with labels. Q4 GPM reached 33.1%, beating expectations. QoQ expansion was driven by price hikes, while the YoY lift was more about relatively lower royalties on bundled plans. Q1 GPM guide implies a slight QoQ downtick, likely reflecting new licensing agreements, but still sits above the market's cautious stance. 2) Underlying growth holds up: Spotify reports in EUR, while the USD weakened vs. EUR and North America accounts for ~35% of revenue. FX was a ~5% headwind to the quarter's revenue base. Reported revenue growth was 7% for a second straight single-digit quarter, but ex-FX it was ~13%. The company guides Q1 revenue of €4.5bn, below consensus. However, the U.S. price increase already began in Q1, and management likely baked in some near-term churn. 3) Subs remain the pillar: Growth is driven by subscription revenue, while ads are still being retooled after a prior leadership change. Q4 paid subs net adds were nearly 9mn, slightly below 11mn a year ago, but solid given widespread price increases that tend to trigger short-term churn. Paid ARPPU rose ~4% ex-FX, evidencing the price hike effect. 4) R&amp;D efficiency improved: OP rose 47% (+53% FX-neutral), with OPM at 15.5%, up both YoY and QoQ. Drivers included price increases and opex discipline, notably R&amp;D, which fell ~20% YoY. There was also a decline in SBC-related social charges. Prior guidance overstated this by ~€50mn, leading to actual OP of ~€700mn vs. €620mn guided, a wider-than-usual delta. $Spotify(SPOT.US)

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

Natixis Advisors Cuts Spotify Stake by 55.2% as Other Institutions Increase Holdings

Spotify Co-CEO Gustav Soderstrom Reduces Stock Holdings and Sells Exercised Options

Spotify Co-CEO Alex Norstrom Sells 5,436 Shares at $498.27 per Share

Spotify Director Christopher P. Marshall Sells 2,650 Shares and Acquires 5,630 Shares via Option Exercise

YouTube launches new podcast features to compete with Spotify and Apple Podcasts

Spotify Director Lorentzon Sells 35,380 Shares on May 22

Cantor Fitzgerald Raises Spotify Price Target to $520, Maintains Neutral Rating

Spotify Launches Audiobooks from The Atlantic, Vogue to Boost Competitiveness

Spotify Partners with Universal Music to Launch Compliant AI Music Business, Stock Surges 18%

Canada's New Rule: Streaming Giants Must Allocate 15% of Annual Revenue to Local Content Production

Spotify Investor Day Exceeds Expectations, Deutsche Bank and Raymond James Upgrade Ratings and Price Targets

Morgan Stanley Raises Spotify Target Price to $610, Maintains Overweight Rating

Rosenblatt raises Spotify price target to $534, maintains neutral rating

Barclays Raises Spotify Price Target to $565

Pinnbrook Capital Reduces Spotify Stake by 95.2%, Other Institutions Increase Holdings

Spotify Announces 2030 Financial Targets and Universal Music Deal, Stock Surges 13%

Spotify Shares Surge on AI Deal and Performance Boost, Analysts Maintain Buy Rating

Spotify sets 2025 revenue target of €17 billion, plans 35%-40% gross margin by 2030

Spotify Launches Fan-Priority Ticket Plan to Prevent Scalping and Boost Engagement

Spotify Launches AI-Driven Podcast Features, Supporting Personalized Creation and Creator Tool Upgrades

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置顶新闻

Spotify (SPOT) Stock After Recent Volatility Is The Current Price Still Justified

Spotify Technology S.A. Technology SA (SPOT.US) Q1 2026 Earnings Conference Call

Spotify Technology S.A. Technology SA (SPOT.US) Q4 2025 Earnings Conference Call

Spotify Technology S.A. Technology SA (SPOT.US) Q2 2025 Earnings Conference Call

Spotify Technology S.A. Technology SA (SPOT.US) Q1 2025 Earnings Conference Call

Spotify Technology S.A. Technology SA (SPOT.US) Q4 2024 Earnings Conference Call

Spotify Technology S.A. Technology SA (SPOT.US) Q3 2024 Earnings Conference Call

Spotify (SPOT) stock faces valuation debate amid recent volatility. While a DCF analysis suggests the stock is undervalued by 39.5% against an intrinsic value of $796.70, its P/E ratio of 31.63x indicates overvaluation compared to a fair ratio of 28.46x. Despite strong long-term gains, the stock has declined 32.2% over the last year, prompting investors to weigh mixed signals from different valuation metrics.

Simplywall

Korea Investment CORP increased its stake in Spotify Technology by 1.4% in Q4, holding 175,802 shares valued at $102.09 million per SEC filings. Other institutions like Quadcap and Sagespring also raised holdings. Meanwhile, CEO Gustav Soderstrom sold over 20,000 shares, and Wall Street Zen downgraded SPOT to 'hold'.

Market Beat

Korea Investment CORP Buys 2,348 Shares of Spotify Technology $SPOT

SPOG

Spotify has reverted its iPhone app icon to the original 2D design, ending a month-long experiment with a controversial disco-ball logo. The temporary change, intended to celebrate Spotify's 20th anniversary, faced significant user backlash for being visually displeasing and pixelated. Despite initial defense of the creative risk, Spotify acknowledged the dissatisfaction and restored the familiar green logo on June 11.

Variety

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Spotify Reverts iPhone App Icon to Original Version, Dropping Controversial Disco-Ball Logo

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Sandisk(SNDK) rose 14.5%, with a trading turnover 24.2 Billion USD, and a year-to-date rose 692.6%. KLA(KLAC) rose 12.92%, with a trading turnover 4.2 Billion USD, and a year-to-date rose 99%. Oracle(ORCL) fell 8.53%, with a trading turnover 11.4 Billion USD, and a year-to-date fell 5%. SAP AG-Sponsored(SAP) fell 3.91%, with a trading turnover 691.3 Million USD, and a year-to-date fell 31.5%.

- The Nasdaq Composite Index rose by 2.54%, with an 11% increase year-to-date; the S&P 500 increased by 1.75% and is up 8% for the year; the Dow Jones gained 1.86%, totaling a 5.8% rise this year.  
- Sandisk's stock surged by 14.5% with a trading volume of $24.18 billion, marking a 692.6% year-to-date increase, while KLA Corporation rose by 12.92% with a volume of $4.17 billion, reflecting a 99% increase for the year.  
- Conversely, Oracle saw a decline of 8.53% with a trading volume of $11.4 billion, down 5% year-to-date, and SAP dropped by 3.91% with a volume of $690 million, totaling a 31.5% decline for the year.

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Top 5 US Stock Gainers/Losers (>100B) (6.11)

Spotify shares surged over 20% following its first Investor Day in four years, where the company outlined ambitious 'North Star' goals. Management guided for mid-teens currency-neutral annual growth through 2030 and projected significant margin expansion, targeting gross margins of 35-40% and operating margins exceeding 20%. These targets aim to achieve 1 billion subscribers and $100 billion in revenue by 2030, signaling resilience against recent decelerating growth concerns.

Spotify's "North Star" Outlook Was Music to Investors Ears

Key news includes the 2026 World Cup kickoff in Mexico City, the New York Knicks' historic comeback against the San Antonio Spurs in the NBA Finals, and Trump administration spending on a White House UFC event. Geopolitically, US-Iran tensions rise amid ceasefire tests. Domestically, severe storms hit the Midwest causing power outages and flight cancellations, while Spotify purged fake podcasts.

Yahoo Finance

5 things to know for June 11: World Cup, NBA Finals, UFC fight preparations, Iran war, Midwest storms

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Deezer has launched an AI music detector allowing users to scan playlists on other streaming platforms for synthetic music. Although Deezer was the first major service to label AI-generated content and offered its technology to others, adoption was low as competitors like Apple and Spotify chose voluntary tagging instead. Deezer CEO Alexis Lanternier stated this new tool enables all users to identify AI tracks regardless of their platform.

- Deezer is now scanning playlists from other streaming platforms to identify AI-generated music.  
- While it was the first to label AI-generated tracks, competitors like Qobuz have developed their own detection systems, and Apple and Spotify use voluntary tagging.  
- Deezer's CEO stated the initiative allows users to check for synthetic music across platforms, aiming to expand transparency in music streaming.

Deezer launches an AI music detector for other streaming services

Spotify(SPOT.US)

Spotify (SPOT) Stock After Recent Volatility Is The Current Price Still Justified

Korea Investment CORP Buys 2,348 Shares of Spotify Technology $SPOT

Spotify Reverts iPhone App Icon to Original Version, Dropping Controversial Disco-Ball Logo

Top 5 US Stock Gainers/Losers (>100B) (6.11)

Spotify's "North Star" Outlook Was Music to Investors Ears

5 things to know for June 11: World Cup, NBA Finals, UFC fight preparations, Iran war, Midwest storms

Deezer launches an AI music detector for other streaming services

01:00 ETJoybuy haalt Black Friday naar de zomer met eerste 'Summer Black Friday' in Nederland

Spotify (SPOT) Is Done Chasing Users. Now It's Focusing on Monetization

Notable ETF Outflow Detected - IEUR, SPOT, NBIS, AER

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