Here are Christoffer’s comments on Spotify’s Q2 results 
Spotify’s Q2 report slightly exceeded our profitability expectations, demonstrating continued operational momentum, while revenue was in line with guidance and our forecasts. Premium subscribers slightly outperformed expectations and crossed the 300 million milestone, and the gross margin reached a new record. Monthly Active Users (MAU) fell slightly short of guidance, but we consider a stronger paying user base a higher-quality result. In our view, the main offsetting factor is the somewhat softer Q3 guidance. Although revenue meets our expectations, the gross margin and operating profit are slightly below our forecasts, as operating expenses remain high throughout Q3. The MAU and subscriber guidance were also slightly softer than our expectations, and the shares have fallen by approximately 4% in pre-market trading. Following the report, we see short-term headline forecasts remaining largely unchanged, as the Q2 operating profit beat is partially offset by the softer Q3 guidance, and revenue forecasts remain largely unchanged. We continue to maintain our long-term thesis.