Atlantic Equities - Spotify Technology SA (SPOT) In line subscribers, robust margin trends

Report

Atlantic Equities

James Cordwell

In line subscribers, robust margin trends

Spotify delivered an in line Q1 and robust Q2 guidance that leaves it on track to deliver on its (unchanged) FY18 guidance. Lack of upside likely drove the -9% after-hours stock reaction, but overall it appears Spotify remains well positioned to capitalise on music's secular shift to streaming. We remain Overweight.

03/05/2018 6 EN

Underlying

Spotify Technology SA

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Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

James Cordwell

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