Report
Q2: Strong subscriber, gross margin performance
Q2 revenue was in line with consensus as robust subscriber net adds was offset by slightly weaker trends in the ad-supported business, both in terms of MAUs and ad revenue. Encouragingly both FY18 subscriber net adds and gross margin guidance was revised upwards, which we view as highlighting both the scale of the ongoing opportunity and the value that will accrue to Spotify.
Underlying
Spotify Technology SA
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.
James Cordwell
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