Spotify Q2 operating income guidance disappoints, shares drop.

Spotify shares fell on Tuesday after the Swedish music streamer posted growth in first-quarter revenue and subscriber numbers and record operating income, but second-quarter guidance disappointed.

SPOTIFY TECH
28 April 2026 13:48:16

Source: Sharecast

Premium subscribers grew 9% year-on-year to 293m, while monthly active users were 12% higher at 761m. Total revenue rose 14% at constant currency to €4.5bn and operating income was 40% higher on the same period a year earlier at a record €715m.

For the second quarter of the year, Spotify said it expects operating income of €630m, which was below analysts’ expectations of €684m.

Co-chief executive Alex Norström said: "We surpassed 760 million MAU, delivered on the subscriber growth we aimed to achieve, and saw healthy engagement from existing users, reactivations and new users alike.

"Since the global rollout of our more personalized free experience, users in key markets like the US are listening and watching more days per month. All that reinforces our confidence in sustained user and subscriber growth, low churn, and continued progress on revenue and margin."

At 1345 BST, the shares were down 4.3% at $495.82.

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