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Pre-Market Movers: Earnings Winners Pop, Guidance Misses Get Punished

Quick Summary Earnings beats and upgrades are driving sharp upside gaps Weak guidance and regulatory risk are triggering heavy sell-offs Tech, healthcare and AI-linked names dominate volatility Gapping Up  Quince Therapeutics +81.7% Appointed LifeSci Capital to explore  strategic alternatives and restructuring Credo Technology +14.5% Issued  preliminary Q3 revenue well above guidance Ferrari +10.8% Q4 earnings beat  and order book now stretches to  end-2027 Entegris +9.5% Beat Q4 results and  guided Q1 above consensus Spotify Technology +8.5% Earnings beat , strong premium subscriber growth, and  margin improvement Datadog +7.0% Q4 beat and  Q1 revenue guidance topped estimates Oscar Health +6.6% Issued  strong FY26 revenue and operating earnings outlook Vistra Energy +4.2% Upgraded to  Buy  by Jefferies Unity Software +3.6% Oppenheimer upgrade to  Outperform Astera Labs +3.5% Ahead of earnings and announced  new AI design...
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Spotify Hits the Right Note: Earnings Beat Sparks Rally Despite Higher Prices

Quick Summary

Spotify Technology shares surged after the company beat earnings expectations, delivered stronger margins, and added more premium subscribers than forecast, easing fears after months of stock underperformance.

What Drove the Rally

  • Shares jumped ~12% premarket after results

  • Earnings: €4.43 per share vs €2.74 expected

  • Revenue: €4.53bn, +7% YoY, slightly above estimates

  • Gross margin: 33.1%, beating forecasts

Wall Street reaction: Profitability matters again — not just growth.

Subscriber Growth Still Solid

  • +9 million premium subscribers added in Q4

  • Growth beat analyst expectations despite recent price hikes

  • Analysts now expect ~289 million premium users

Key takeaway: Price increases are not (yet) driving users away.

Guidance: Confident, Not Flashy

For the current quarter, Spotify expects:

  • Revenue: €4.5bn (slightly below consensus €4.58bn)

  • Gross margin: 32.8%, above market expectations

Investors focused more on margin discipline than top-line perfection.

Why Sentiment Has Turned

Spotify has:

  • Rolled out price hikes globally, including the US and Europe

  • Expanded into video podcasts, audiobooks, and music videos

  • Improved monetisation while keeping engagement high

Notably:

  • 68% of US premium users now use Spotify for audiobooks, up from 33% a year ago

  • Premium users get 15 audiobook hours per month, strengthening platform stickiness

Context: A Beaten-Down Stock

  • Stock down ~35% over the past year

  • ~47% below its all-time high

  • Some analysts remain bullish, with price targets above US$750

This earnings beat is seen as a potential turning point, especially with price hikes now fully reflected in results.

Bottom Line

Spotify’s results show it can raise prices, grow subscribers, and expand margins at the same time. That combination is exactly what Wall Street has been waiting for — and why the stock finally found its rhythm again.

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