Something strange is happening in the Republican Party.
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Spotify Posts Huge EPS Beat: Shares Are Still Down Big From Highs
Written by Leo Miller. Published 11/5/2025.
Key Points
- Spotify is getting ready to introduce not one, but two new CEOs to replace the firm's pioneering founder.
- See why Spotify's massive EPS beat didn't lead shares to move higher.
- SPOT remains down nearly 20% from highs, and its ad-supported customer base provides a significant growth opportunity.
Spotify Technology (NYSE: SPOT) has long dominated music streaming, cementing its status as a top growth stock in digital entertainment.
After plunging 66% in 2022, shares have climbed nearly 700% through the Nov. 4 close.
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While still about 19% below its June all-time high, recent developments—including a CEO transition and a sizable earnings beat—could reshape the company's trajectory.
The firm recently announced that its long-time Chief Executive Officer (CEO), Daniel Ek, is stepping down.
Below, we'll examine that leadership change and the latest earnings results, and what they may mean for investors going forward.
Spotify's Leadership Shakeup: From Visionary Founder to Collaborative Approach
On Jan. 1, 2026, Gustav Söderström and Alex Norström will become co-CEOs of Spotify, succeeding Daniel Ek, who founded the company and has led it since 2006.
Filling Ek's shoes won't be easy. He helped transform the music industry: Apple didn't launch Apple Music until 2015, by which time Spotify already had more than 70 million users. That head start illustrates Ek's role as a pioneer in streaming.
Fortunately, Ek's departure isn't performance-related, and he will remain on the board as executive chairman, which should help reduce disruption. Both Söderström and Norström have spent more than 15 years at Spotify and bring deep institutional knowledge to the roles.
Investors reacted cautiously, sending shares down about 4.2% on the day of the announcement. The leadership change is worth watching, but with Ek staying on the board and two long-tenured executives taking over, it shouldn't be cause for panic.
Spotify Posts Huge EPS Beat, But Profitability Caveats and Guidance Weigh on Shares
Spotify reported solid Q3 2025 results. Revenue was €4.53 billion (roughly $5.02 billion), up 7% year over year and modestly above estimates of €4.23 billion (about $4.86 billion).
The headline was the earnings surprise: diluted EPS came in at €3.34 (about $3.83), well above consensus of €1.96 (about $2.25). The beat reflected expansion in gross and operating margins: gross margin rose 53 basis points to 31.6%—roughly 50 basis points ahead of company guidance—and operating margin improved 220 basis points to 13.6%.
However, there are important caveats. Management said much of the gross-margin outperformance stemmed from changes in estimates to "rights holder liabilities," a one-time accounting adjustment rather than an indicator of recurring operational improvement. Additionally, roughly 40% of the operating-margin gain was driven by lower-than-expected "social charges," taxes that vary with the company's stock-related metrics. Because shares declined during the quarter, these charges fell, artificially boosting margins. In short, the profitability beat was real but partially influenced by non-recurring or timing-related items.
Those factors tempered enthusiasm. Even though Spotify added 3 million users, its Q4 guidance of €4.5 billion (about $5.17 billion) came in lighter than some expectations, and shares slipped about 3.4% after the release.
SPOT's Ad-Supported Opportunity Remains Compelling
Spotify's ad-supported tier remains an under-monetized asset. Although roughly 63% of the company's users are on the ad-supported plan, that cohort generated only about 10% of total revenue in Q3.
Improving monetization of ad-supported users would be a significant growth lever for the company.
To address this, management is revamping Spotify's ad-supported monetization strategy and expects that portion of the business to reach a healthier growth rate in the second half of 2026.
With the stock still well off its highs but meaningful opportunities ahead, Spotify's outlook remains constructive for long-term investors who can look past near-term accounting quirks and focus on execution and monetization improvements.
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