Spotify posted Q1 adjusted EPS €3.45 beating €2.95 estimate and revenue €4.53bn, up 8% YoY, 14% cc.
Monthly active users rose 12% YoY to 761 million, surpassing the 759.23 million estimate and company guidance of 759 million.
Shares fell over 13% at open after Q2 operating income guidance of €630m missed the €674.3m analyst forecast.
Morgan Stanley kept Overweight on Spotify, citing premium subscriber adds, strong gross margins and potential AI catalyst at May 21 Investor Day.