The news: Spotify posted a strong Q1 2025 with record operating income and continued subscriber growth, but softer-than-expected Q2 guidance tempered investor enthusiasm.

By the numbers:

• Paid subscribers rose 11% YoY to 268 million, beating internal forecasts by 3 million and marking the platform’s strongest Q1 subscriber additions since 2020.
• Monthly Active Users (MAUs) reached 678 million, reflecting 10% YoY growth, though narrowly missing Wall Street’s 679 million estimate.