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Today's Bonus Content Spotify Posts Huge EPS Beat: Shares Are Still Down Big From HighsWritten 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 been a leader in music streaming, cementing its status as a top growth stock in digital entertainment. After plunging 66% in 2022, shares have rebounded by nearly 700% through the Nov. 4 close. The same seven red flags that preceded the 1929 crash, '70s stagflation, and the 2008 meltdown are all flashing together right now — long before the headlines catch up. Our free Bellwether Signal Report breaks down each warning in plain language and explains why more Americans are shifting from vulnerable paper assets into hard assets like gold and silver IRAs. If you want to stay ahead of the next major market turn, now is the time to act. Claim your free Bellwether Signal Report before the next leg down While still about 19% below its all-time high from June, recent developments—including a CEO transition and an earnings beat—could reshape the company’s trajectory. The firm recently announced that its longtime Chief Executive Officer (CEO) Daniel Ek is stepping down. Below, we’ll dive into this leadership change as well as the latest earnings results from Spotify and what they 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. Ek will be hard to replace. He helped transform the music industry through Spotify: Apple Music didn’t launch until 2015, by which time Spotify already had more than 70 million users. That head start underscores Ek’s role as an industry pioneer. Importantly, Ek’s departure isn’t tied to performance, and he will remain on Spotify’s board as executive chairman. Both Söderström and Norström have been with the company for more than 15 years, giving them deep institutional knowledge to guide the transition. It’s hard to predict exactly how the CEO change will affect Spotify. Investors reacted cautiously, with shares falling about 4.2% on the day the news broke. The leadership shift is worth watching, but it should not, on its own, signal alarm for long-term investors. Spotify Posts Huge EPS Beat, But Profitability Caveats and Guidance Weigh on Shares Spotify delivered strong Q3 2025 results. Revenue came in at €4.53 billion (approx. $5.02 billion), up 7% and modestly above estimates of €4.23 billion (approx. $4.86 billion). Diluted earnings per share (EPS) were €3.34 (approx. $3.83), substantially higher than the consensus estimate of €1.96 (approx. $2.25). The outperformance was driven in part by gross- and operating-margin expansion: gross margin rose 53 basis points to 31.6%—about 50 basis points ahead of company guidance—and operating margin improved 220 basis points to 13.6%. That said, there are important caveats. Management said much of the gross-margin upside stemmed from an adjustment to estimates for “rights holder liabilities,” a one-time accounting change rather than an operational improvement. Roughly 40% of the operating-margin gain came from lower-than-expected “social charges,” which are taxes and statutory employer charges that shifted with the company’s stock movement during the quarter. In short, some of the EPS strength was boosted by accounting and tax-related items, not solely by core business improvements. Those factors tempered investor enthusiasm. Despite adding 3 million users, Spotify’s Q4 guidance of €4.5 billion (approx. $5.17 billion) was lighter than many had expected, and the stock fell about 3.4% after the release. SPOT’s Ad-Supported Opportunity Remains Compelling Spotify’s ad-supported tier is still under-monetized. Although roughly 63% of the user base is on the ad-supported plan, that segment generated only about 10% of total revenue in Q3. Improving monetization of ad-supported users would be a significant revenue lever for the company. To that end, management is revamping Spotify's ad-supported monetization strategy and expects this portion of the business to reach a healthier growth rate in the second half of 2026. With shares well below prior highs but meaningful opportunities ahead, Spotify’s longer-term outlook remains constructive—though investors should monitor how leadership transition, one-time accounting items and ad-monetization progress play out in coming quarters.
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