
I am downgrading Spotify to 'hold' after a 22% stock rally and mixed Q2 FY26 results, as it awaits Q3 earnings next week on 10/22. Premium subscription revenue remains robust, but ad-supported business growth is sluggish, and forward revenue/earnings estimates are being revised lower. Management guides for Q3 revenue of €5.0B and 305M premium subscribers, but consensus is lowering growth projections.










