Spotify reports Q3 revenue up 16% YoY to €4.97B, below €4.98B est., subscribers up 9% to 306M, MAUs up 11% to 788M, meeting est., and €672M operating income
THE SO WHAT
Spotify is showing it can grow users and hit solid operating income while slightly missing top-line expectations. For subscription platforms, the bar is now profitable scale—not just MAU growth fueled by promotions.
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