<p>这是我们对 <strong>Spotify</strong>（SPOT -6.42%）2025 财年第一季度财报的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第一季度</th>
<th>2025 年第一季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>36 亿欧元</td>
<td>42 亿欧元</td>
<td>16%</td>
<td>符合</td>
</tr>
<tr>
<td>每股收益</td>
<td>0.97 欧元</td>
<td>1.07 欧元</td>
<td>10%</td>
<td>未达标</td>
</tr>
<tr>
<td>付费订阅用户</td>
<td>2.39 亿</td>
<td>2.68 亿</td>
<td>12%</td>
<td>超出</td>
</tr>
<tr>
<td>自由现金流</td>
<td>2.07 亿欧元</td>
<td>5.34 亿欧元</td>
<td>158%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>Spotify 在各方面都看到增长，包括税收</h2>
<p>Spotify 在 2025 年前三个月的势头延续了 2024 年的表现，公司报告活跃月用户增长 10%，达到 6.78 亿，付费订阅用户增长 12%，达到 2.68 亿。这转化为同比 16% 的收入增长和 10% 的收益增长。</p>
<p>可惜，Spotify 的一些成功对结果造成了影响。由于成本高于预期，Spotify 的每股收益显著低于华尔街预期。罪魁祸首？与公司股价在过去一年中上涨 106% 相关的约 7600 万欧元的雇佣税。</p>
<p>Spotify 表示，这些所谓的社会费用比预期高出约 5800 万欧元。</p>
<p>公司的运营指标继续表现强劲。Spotify 的订阅业务每用户平均收入增长 4%，达到 4.73 欧元，主要受价格上涨的推动。广告支持的收入增长了 8%。整体毛利率为 31.6%，比去年提高了 400 个基点。</p>
<p>强劲的盈利能力帮助 Spotify 在本季度将自由现金流翻倍，达到 5.34 亿欧元。</p>
<h2>立即市场反应</h2>
<p>收益未达标似乎在早盘交易中对投资者造成了压力。Spotify 的股价在财报发布后下跌了 6%，但在纽约证券交易所常规交易开盘前。</p>
<h2>关注事项</h2>
<p>2024 年，Spotify 引起了广泛关注，因为它能够利用其庞大规模和定价能力实现首个完整财年的盈利。公司表示正在关注&#34;逆风&#34;，包括消费者支出可能放缓和外汇波动，但仍然预计 2025 年将持续增长。</p>
<p>公司预计当前季度总用户将增长至 6.89 亿，略低于华尔街预期，但付费订阅用户将增长至 2.73 亿，这将略好于分析师的预期。</p>
<p>从这里来看，乐观的观点是 Spotify 拥有一个粘性的产品，并且在困难时期相对实惠的&#34;奢侈品&#34;。尽管与税收相关的波动，Spotify 的季度表现并没有提供任何理由让人担心乐观的前景受到质疑。</p>
<h2>有用资源</h2>
<ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>

SPOT

<p>Spotify 公布了 2025 年第一季度的强劲业绩，收入为 42 亿欧元，同比增长 16%，高级订阅用户增加至 2.68 亿，增长 12%。然而，由于与 106% 的股价上涨相关的 7600 万欧元的高就业税，每股收益为 1.07 欧元，未能达到预期。尽管在财报发布后股价下跌 6%，Spotify 仍预计用户和高级订阅用户将持续增长，但面临消费者支出和货币波动的潜在挑战</p>

<p>Here's our initial take on <strong>Spotify</strong>'s (SPOT -6.42%) fiscal 2025 first-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>Spotify</strong>（SPOT -6.42%）2025 财年第一季度财报的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q1 2024</th>
<th>Q1 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>3.6 billion euros</td>
<td>4.2 billion euros</td>
<td>16%</td>
<td>Met</td>
</tr>
<tr>
<td>Earnings per share</td>
<td>0.97 euros</td>
<td>1.07 euros</td>
<td>10%</td>
<td>Missed</td>
</tr>
<tr>
<td>Premium subscribers</td>
<td>239 million</td>
<td>268 million</td>
<td>12%</td>
<td>Beat</td>
</tr>
<tr>
<td>Free cash flow</td>
<td>207 million euros</td>
<td>534 million euros</td>
<td>158%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第一季度</th>
<th>2025 年第一季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>36 亿欧元</td>
<td>42 亿欧元</td>
<td>16%</td>
<td>符合</td>
</tr>
<tr>
<td>每股收益</td>
<td>0.97 欧元</td>
<td>1.07 欧元</td>
<td>10%</td>
<td>未达标</td>
</tr>
<tr>
<td>付费订阅用户</td>
<td>2.39 亿</td>
<td>2.68 亿</td>
<td>12%</td>
<td>超出</td>
</tr>
<tr>
<td>自由现金流</td>
<td>2.07 亿欧元</td>
<td>5.34 亿欧元</td>
<td>158%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Spotify Sees Growth Everywhere, Including Taxes</h2>
<div class="lb-trans"><h2>Spotify 在各方面都看到增长，包括税收</h2>
</div><p>Spotify's 2024 momentum continued in the first three months of 2025, with the company reporting active monthly users up 10% to 678 million and premium subscribers up 12% to 268 million. It translated into solid 16% year-over-year revenue growth and 10% earnings growth for the quarter.</p>
<div class="lb-trans"><p>Spotify 在 2025 年前三个月的势头延续了 2024 年的表现，公司报告活跃月用户增长 10%，达到 6.78 亿，付费订阅用户增长 12%，达到 2.68 亿。这转化为同比 16% 的收入增长和 10% 的收益增长。</p>
</div><p>Alas, some of Spotify's success is taking a toll on results. Spotify's EPS result came in significantly below Wall Street expectations due to higher-than-expected costs. The culprit? About 76 million euros in employment taxes tied to the 106% increase in the company's share price over the past year.</p>
<div class="lb-trans"><p>可惜，Spotify 的一些成功对结果造成了影响。由于成本高于预期，Spotify 的每股收益显著低于华尔街预期。罪魁祸首？与公司股价在过去一年中上涨 106% 相关的约 7600 万欧元的雇佣税。</p>
</div><p>Spotify said those so-called social charges were about 58 million euros above forecast.</p>
<div class="lb-trans"><p>Spotify 表示，这些所谓的社会费用比预期高出约 5800 万欧元。</p>
</div><p>Operating metrics for the company continue to look strong. Spotify's average revenue per user for its subscription businesses was up 4% to 4.73 euros, fueled by price increases. And ad-supported revenue was up 8%. Overall gross margin came in at 31.6%, up 400 basis points from a year ago.</p>
<div class="lb-trans"><p>公司的运营指标继续表现强劲。Spotify 的订阅业务每用户平均收入增长 4%，达到 4.73 欧元，主要受价格上涨的推动。广告支持的收入增长了 8%。整体毛利率为 31.6%，比去年提高了 400 个基点。</p>
</div><p>The strong profitability helped Spotify more than double free cash flow in the quarter to 534 million euros.</p>
<div class="lb-trans"><p>强劲的盈利能力帮助 Spotify 在本季度将自由现金流翻倍，达到 5.34 亿欧元。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>立即市场反应</h2>
</div><p>The earnings miss appears to be weighing on investors in early morning trading. Share prices of Spotify were down 6% following the release of earnings but ahead of the open of regular trading on the New York Stock Exchange.</p>
<div class="lb-trans"><p>收益未达标似乎在早盘交易中对投资者造成了压力。Spotify 的股价在财报发布后下跌了 6%，但在纽约证券交易所常规交易开盘前。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>Spotify turned a lot of heads in 2024 when it was able to use the benefits of its massive scale and pricing power to generate its first full year of profitability. The company said it was watching &#34;headwinds,&#34; including a potential slowdown in consumer spending and volatile foreign currency exchange rates, but still sees continued growth in 2025.</p>
<div class="lb-trans"><p>2024 年，Spotify 引起了广泛关注，因为它能够利用其庞大规模和定价能力实现首个完整财年的盈利。公司表示正在关注&#34;逆风&#34;，包括消费者支出可能放缓和外汇波动，但仍然预计 2025 年将持续增长。</p>
</div><p>The company expects total users to grow to 689 million in the current quarter, which is slightly below Wall Street expectations, but for premium subscribers to grow to 273 million, which would be slightly better than what analysts expected.</p>
<div class="lb-trans"><p>公司预计当前季度总用户将增长至 6.89 亿，略低于华尔街预期，但付费订阅用户将增长至 2.73 亿，这将略好于分析师的预期。</p>
</div><p>The bull case from here is that Spotify has a sticky product and is a relatively affordable &#34;splurge&#34; when times are tough. Spotify's quarter, despite the tax-related turbulence, provided no reason to worry that the bull case is in doubt.</p>
<div class="lb-trans"><p>从这里来看，乐观的观点是 Spotify 拥有一个粘性的产品，并且在困难时期相对实惠的&#34;奢侈品&#34;。尽管与税收相关的波动，Spotify 的季度表现并没有提供任何理由让人担心乐观的前景受到质疑。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整财报</li>
<li>投资者关系页面</li>
</ul>
</div>

Spotify：业绩稳健，但面临大额税单