Spotify Q3财报多空交织：营收微miss但利润率超预期，Q4利润指引上调，盘前已冲高

Shares of Spotify Technology ( SPOT ) rose about 5.2% in the premarket trading on Thursday after the music-streaming company reported third-quarter results, with revenue and operating income increasing year over year. Revenue rose 16% to €4.97 billion in the quarter ended September 30, compared with €4.27 billion a year earlier. Revenue was slightly below Bloomberg consensus estimates of €4.98 billion. Premium revenue climbed 17% to €4.49 billion, while ad-supported revenue increased 10% to €482 million. Operating income advanced 15% to €672 million, narrowly exceeding the €670 million consensus estimate. Gross margin reached 33%, up from 31.6% a year earlier and above the 32.9% estimate. Monthly active users grew 11% year over year to 788 million, in line with the company's guidance, while premium subscribers rose 9% to 306 million, exceeding its guidance by 1 million. Both figures were broadly in line with consensus estimates. However, free cash flow declined 9% to €735 million from €806 million a year earlier. Operating expenses increased 26% to €967 million, reflecting higher marketing costs and spending on cloud and artificial intelligence, excluding the impact of social charges. For the fourth quarter, Spotify ( SPOT ) forecast operating income of €820 million, above the consensus of €803.7 million, as per data compiled by Bloomberg. The company expects a gross margin of 33.8%, compared with the 33.7% estimate, and premium subscribers to reach 316 million, above the consensus of 314.72 million. However, its revenue forecast of €5.2 billion fell short of the €5.24 billion estimate, while its projection for 818 million monthly active users was below the expected 819.08 million. Shares of the streaming remain about 9.5% down year-to-date, compared to a 13.3% rise in the broader index. Short interest on SPOT stands at 2.07% of the total float.