Here are Christoffer Jennel’s quick comments on Spotify’s Q1 results. 
Spotify’s Q1 report met our expectations in terms of both revenue and profitability, showing continued operational progress. However, Q2 guidance was mixed. While gross margin and Monthly Active Users (MAU) slightly exceeded our expectations, the operating profit guidance of 630 MEUR was approximately 10% below our forecast, suggesting significantly higher operating expenses than we had modeled. Consensus seems to focus on the Q2 operating profit miss and a modest 1 million subscriber miss compared to consensus, with the stock down about 12% in pre-market trading. Following the report, we see moderate downward revisions to our short-term profitability forecasts, while our long-term view remains unchanged.