Can SPOT Maintain Its Growth-Profit Balancing Act Amid Headwinds?

Key Takeaways Spotify's MAUs grew 11% y/y in 2Q25, boosting revenues 10% despite a net loss.Expenses rose 8% on personnel, services and marketing, pressuring margins and profitability.The gross margin rose 230 bps and the free cash flow jumped 43%, aided by cost control and diversification.Spotify Technology S.A. (SPOT) is navigating through the relentless pursuit of achieving growth and maintaining profitability. The company’s primary agenda has been the expansion of its user base and content library globa ...