New York, Feb 11, 2026, 04:56 EST — Premarket
- Spotify shares ticked up 0.3% in early premarket action, following a sharp 14.8% surge on Tuesday.
- The company is calling for first-quarter operating income to land ahead of Wall Street’s projections, though its revenue outlook came in just a bit under expectations.
- Spotify reported 751 million monthly active users for the fourth quarter, with premium subscribers coming in at 290 million.
Spotify Technology S.A. picked up 0.3% to $477.43 before the bell Wednesday, following a hefty 14.8% jump to $476.02 at the close the previous session. Investors responded to a profit forecast that cleared the bar. 1
Spotify’s push is significant: the company needs to show it can grow its user base even as it hikes prices and targets fatter margins. Earlier this year, big-cap internet stocks had a rocky run, so the pressure’s on.
The move comes as the company adjusts to new leadership: Co-CEOs Gustav Söderström and Alex Norström are now steering daily operations, while founder Daniel Ek transitions into the role of executive chairman.
Spotify’s fourth-quarter numbers landed with 751 million monthly active users and 290 million premium subscribers on the books. Revenue climbed 7% to 4.531 billion euros. Gross margin came in at 33.1%, operating income at 701 million euros. Looking ahead, the company is projecting first-quarter revenue of 4.5 billion euros, operating income at 660 million euros and a gross margin target of 32.8%.
Ad-supported revenue slipped 4% from a year earlier, landing at 518 million euros for the quarter, Spotify reported. Premium revenue, meanwhile, rose to 4.013 billion euros.
Spotify is looking for operating income of 660 million euros, beating the 652.3 million euro consensus from analysts tracked by LSEG, Reuters reported. The company guided for revenue of 4.5 billion euros, a touch under the 4.57 billion euro average estimate. Its MAU projection came in at 759 million—well ahead of the 753 million forecast. Still, the company’s forecast implied premium subscriber net additions fell short. “We are seeing lots more growth coming from emerging markets,” Norström told Reuters. 2
Spotify has relied on raising prices and cutting costs to boost profits. Reuters noted that despite record gains in user numbers last quarter, revenue growth for the December period was the slowest since Spotify went public in 2018.
Spotify isn’t just about music anymore. The company’s been stretching into audiobooks, experimenting with video podcasts, and rolling out new features all aimed at keeping users glued to its app. According to Reuters, there’s been serious money poured into video podcasting—including a partnership with Netflix—and Spotify’s branching out into physical books as well, all part of its effort to counter Apple and Amazon.
Spotify is pushing further into AI tools but isn’t shying away from the downsides. Söderström told Reuters the AI-powered Interactive DJ now counts “over 98 million paid subscribers using it” and has powered “4 billion hours of engagement.” He also pointed to the rise of “spammy AI music” as an issue as the platform grows. 2
Ek, in another earnings update, pointed to the “next wave” of shifts in tech—think AI and new interfaces—saying these will transform how users find audio and media. Norström described 2026 as the company’s “Year of Raising Ambition.” 3
The setup’s messy. Spotify’s revenue outlook missed expectations, and the company’s guidance points to slower premium subscriber growth than analysts were hoping for—a concern if higher prices start to pinch, or if ad rates remain weak.
Spotify’s Q&A session on earnings kicks off at 8:00 a.m. ET Wednesday. Investors are looking for updates on pricing, ad trends, and any signals that AI-generated content is weighing more heavily on the platform’s catalog.
