【时政新闻】 美股三大股指期货盘前齐跌，截至发稿，道指期货跌0.21%，标普500指数期货跌0.16%，纳指期货跌 0.22%； 美国12月零售销售月率0%，前值0.60%； 欧洲主要股指涨跌不一，截至发稿，英国富时100指数跌0.41%，法国CAC40指数跌0.02%，德国DAX指 数跌0.27%，欧洲斯托克50指数涨0.05%； 美国第四季度劳工成本指数季率0.7%，前值0.80%； 美国12月出口物价指数年率 3.1%，前值3.30%； 美国1月NFIB小型企业信心指数为99.3，前值99.5； 美贸易代表确认墨加贸易谈判正在进行； 俄罗斯总统与南非总统通电话，讨论加强贸易合作； 【市场动态】 【公司新闻】 标普全球美股盘前跌超16%，去年第四季度利润未达市场预期； Spotify盘前股价涨超10%，公司预计第一季度利润超预期； 可口可乐美股盘前跌超3%，公司第四季度净营收不及市场预期。 ...

Market Overview - Global stock markets have returned to historical highs, with Japan's market continuing its upward trend and software stocks stabilizing, boosting overall risk appetite [2][30] - As of the report, Dow futures rose by 0.06%, S&P 500 futures increased by 0.11%, and Nasdaq futures gained 0.06% [3][30] - European markets saw the Stoxx 600 index slightly retreat from a record high, while Kering Group surged by 11% due to signs of recovery in its Gucci business [4][30] Japanese Market - The Nikkei 225 index closed up by 2.3%, with other Asian markets showing moderate gains: Hang Seng Tech Index up by 0.5%, Shanghai Composite Index up by 0.1% [5][31] - The market anticipated that the victory of the ruling party would benefit the Japanese stock market due to planned fiscal stimulus, with unexpected rebounds in Japanese government bonds and the yen [5][31] Economic Data Focus - Traders are awaiting a series of U.S. economic data, with retail sales being the first major report expected to show resilience in consumer spending despite high living costs and a weak job market [6][32] - Upcoming data includes non-farm payrolls and inflation metrics, which will influence expectations regarding the Federal Reserve's interest rate path [6][32] Technology Sector Insights - PineBridge Investments' Mike Kelly expressed confidence in the current tech stock rebound, emphasizing the importance of identifying winners in the evolving landscape of disruptive technologies [7][33] - Ecofi Investissements' Karen Georges anticipates an economic rebound in the second half of the year, although short-term consumer data may appear less optimistic [7][33] Currency and Commodity Movements - The Chinese yuan strengthened to its highest level against the dollar since May 2023, following reports of regulatory recommendations to reduce U.S. Treasury exposure [7][33][34] - Gold prices maintained above $5,000, with traders awaiting new catalysts, while Bitcoin fell by 2.3% to $68,708 [6][36] Company-Specific Developments - Datadog's stock surged over 10% in pre-market trading, while Spotify's shares rose by 11% due to expected profits exceeding forecasts [15][42] - Conversely, Coca-Cola's stock fell over 2% as its fourth-quarter net revenue missed market expectations [17][43] - Ferrari's stock jumped nearly 10% due to strong demand, with orders extending to the end of 2027 [20][46]

Core Insights - Spotify's ad-supported user base reached 476 million, exceeding the expected 468.9 million [1] - Monthly active users increased by 11% year-over-year to 751 million, surpassing the 744.7 million forecast [1] - Paid subscribers rose by 10% year-over-year to 290 million [1] User Growth and Features - Growth in user additions was attributed to expansion in Latin America, Europe, and improvements in the mobile free tier [1] - The company launched audiobooks in new markets and introduced music videos for premium users, along with enhanced AI tools in Q4 [2] Financial Performance - Net income increased to 1.17 billion euros, or 4.43 euros per share, compared to 367 million euros, or 1.76 euros per share, in the previous year [3] - For the current quarter, Spotify anticipates revenue of 4.5 billion euros, which is below the 4.58 billion euros estimate, impacted by a 670 basis point headwind from foreign exchange rates [4] Future Projections - Spotify expects to grow monthly active users by 8 million to reach 759 million, exceeding the 752.4 million estimate [4] - Total premium subscribers are projected to reach 293 million [4]

分组1 - Spotify reported quarterly earnings of $5.16 per share, exceeding the Zacks Consensus Estimate of $3.16 per share, and showing a significant increase from $1.88 per share a year ago, representing an earnings surprise of +63.29% [1] - The company generated revenues of $5.27 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.57%, and up from $4.53 billion in the same quarter last year [2] - Over the last four quarters, Spotify has exceeded consensus EPS estimates two times and topped revenue estimates twice [2] 分组2 - The stock has underperformed the market, losing about 28.6% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The current consensus EPS estimate for the upcoming quarter is $3.05 on revenues of $5.24 billion, and for the current fiscal year, it is $13.59 on revenues of $22.41 billion [7] - The Zacks Industry Rank places the Internet - Software sector in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Q4 2025 Update | Executive Summary | p.03 | | --- | --- | | Key Highlights | p.04 | | Financial Summary | p.06 | | MAUs & Subscribers | p.13 | | Product & Platform | p.16 | | Outlook | p.19 | Financial Statements p.22 2 Executive Summary We finished 2025 with strong performance, as all Q4 KPIs met or exceeded guidance to deliver strong Free Cash Flow*. The business added a record 38 million MAU vs. guidance for 32 million, while Subscriber net additions of 9 million exceeded guidance by 1 million. Revenue w ...

Group 1 - Spotify and Datadog saw pre-market gains exceeding 10% [1] - Shopify increased by nearly 5% [1] - Unity experienced a rise of over 4% [1] - Applovin and Snowflake both rose by nearly 4% [1] - Palantir gained over 2% [1]

Core Insights - Spotify Technology shares experienced a significant rally following the announcement of unexpectedly strong profits and an increase in the number of paying customers [1] Financial Performance - The streaming service reported strong profits that surpassed market expectations, indicating robust financial health [1] - The increase in paying customers suggests a positive trend in user acquisition and retention, which is crucial for subscription-based models [1] Market Reaction - The strong financial results led to a notable increase in Spotify's stock price, reflecting investor confidence in the company's growth trajectory [1]

Core Viewpoint - Spotify's first-quarter profit forecast exceeds Wall Street expectations, driven by strong user growth and pricing strategies, resulting in a nearly 12% pre-market stock price increase [1]. Group 1: Financial Performance - The company expects first-quarter revenue of €660 million ($786.13 million), surpassing analyst average expectations of €652.3 million [1]. - Quarterly revenue is projected at €4.5 billion, slightly below market estimates of €4.57 billion [1]. - Fourth-quarter revenue grew by 7% year-over-year to €4.53 billion, meeting expectations [1]. Group 2: User Growth - The company anticipates monthly active users to reach 759 million, exceeding the expected 753 million [6]. - Paid subscription users are expected to increase by 3 million to 293 million, which is below market expectations [6]. - In the fourth quarter, paid subscription users grew by 10% to 290 million, slightly below the expected 290.9 million [7]. Group 3: Operational Efficiency - The company benefited from a 10% reduction in operating expenses, leading to a 10% year-over-year increase in gross profit [4]. - Gross margin improved from 31.6% in the previous quarter to 33.1% [4]. Group 4: Strategic Initiatives - Spotify has launched AI-generated playlists and is investing in video podcasts through a partnership with Netflix, as well as expanding from audiobooks to physical book sales to counter competition from Apple and Amazon [1].

Core Insights - Spotify Technology S.A. reported a significant increase in profit for Q4, primarily due to revenue growth and higher finance income [1] - The company's shares surged over 14% in pre-market trading following the earnings report [1] Financial Performance - Profit before tax more than doubled to €1.021 billion from €499 million in Q4 2024 [1] - Net income attributable to owners rose to €1.174 billion, or €4.43 per share, compared to €367 million, or €1.76 per share, in the same quarter last year [2] - Revenue for the quarter increased by 7% to €4.531 billion from €4.242 billion year-on-year [2] - Operating income rose to €701 million from €477 million a year earlier [1] Additional Financial Metrics - Finance income increased to €349 million from €127 million last year [3] - The company recorded an income tax benefit of €153 million in Q4 [3] User Growth - Total Monthly Active Users (MAUs) grew by 11% year-on-year to 751 million [3] - Premium subscribers increased by 10% to 290 million [3] Future Projections - For Q1, the company expects revenue of €4.5 billion and total MAUs of 759 million [3] - Projected operating income for Q1 is €660 million [3] Stock Performance - Spotify shares closed at $414.84 on Monday, down 1.84% [3]

格隆汇2月10日｜Spotify盘前股价大涨11%，消息面上，公司预计第一季度利润超预期。 ...