And here is the company report from Christoffer as well. 
Spotify’s Q2 results confirmed that operational momentum is continuing, as Premium subscribers, gross margin, and operating profit were all ahead of our forecasts and guidance, with revenue in line. Monthly Active Users (MAU) fell slightly short of guidance, but according to management, this reflected a conscious choice to prioritize monetization over raw reach, rather than weakness in demand. As announced in Q1 and at the May Investor Day, the growth in operating expenses remains visible in the near term, and Q3 guidance continues to include these costs. Importantly, management reiterated that these investments are time-limited and non-structural, and are expected to moderate from Q4’26 into 2027, with the full-year operating margin still expected to grow year-over-year. Therefore, we continue to view the impact as temporary, leaving our medium-term thesis unchanged. The excessive, short-sighted reaction we mentioned in Q1 has since partially unwound, and the shares have been repriced since the Investor Day, which we view as justified risk reduction rather than an overreaction. As near-term noise fades and the signal becomes clear, we reiterate our buy recommendation and target price of 570 USD, with our forecasts remaining largely unchanged.