<p>這是我們對 <strong>Spotify</strong>（SPOT -6.42%）2025 財年第一季度財報的初步看法。</p>
<h2>關鍵指標</h2>
<table>
<thead>
<tr>
<th>指標</th>
<th>2024 年第一季度</th>
<th>2025 年第一季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>36 億歐元</td>
<td>42 億歐元</td>
<td>16%</td>
<td>符合</td>
</tr>
<tr>
<td>每股收益</td>
<td>0.97 歐元</td>
<td>1.07 歐元</td>
<td>10%</td>
<td>未達標</td>
</tr>
<tr>
<td>付費訂閲用户</td>
<td>2.39 億</td>
<td>2.68 億</td>
<td>12%</td>
<td>超出</td>
</tr>
<tr>
<td>自由現金流</td>
<td>2.07 億歐元</td>
<td>5.34 億歐元</td>
<td>158%</td>
<td>不適用</td>
</tr>
</tbody>
</table>
<h2>Spotify 在各方面都看到增長，包括税收</h2>
<p>Spotify 在 2025 年前三個月的勢頭延續了 2024 年的表現，公司報告活躍月用户增長 10%，達到 6.78 億，付費訂閲用户增長 12%，達到 2.68 億。這轉化為同比 16% 的收入增長和 10% 的收益增長。</p>
<p>可惜，Spotify 的一些成功對結果造成了影響。由於成本高於預期，Spotify 的每股收益顯著低於華爾街預期。罪魁禍首？與公司股價在過去一年中上漲 106% 相關的約 7600 萬歐元的僱傭税。</p>
<p>Spotify 表示，這些所謂的社會費用比預期高出約 5800 萬歐元。</p>
<p>公司的運營指標繼續表現強勁。Spotify 的訂閲業務每用户平均收入增長 4%，達到 4.73 歐元，主要受價格上漲的推動。廣告支持的收入增長了 8%。整體毛利率為 31.6%，比去年提高了 400 個基點。</p>
<p>強勁的盈利能力幫助 Spotify 在本季度將自由現金流翻倍，達到 5.34 億歐元。</p>
<h2>立即市場反應</h2>
<p>收益未達標似乎在早盤交易中對投資者造成了壓力。Spotify 的股價在財報發佈後下跌了 6%，但在紐約證券交易所常規交易開盤前。</p>
<h2>關注事項</h2>
<p>2024 年，Spotify 引起了廣泛關注，因為它能夠利用其龐大規模和定價能力實現首個完整財年的盈利。公司表示正在關注&#34;逆風&#34;，包括消費者支出可能放緩和外匯波動，但仍然預計 2025 年將持續增長。</p>
<p>公司預計當前季度總用户將增長至 6.89 億，略低於華爾街預期，但付費訂閲用户將增長至 2.73 億，這將略好於分析師的預期。</p>
<p>從這裏來看，樂觀的觀點是 Spotify 擁有一個粘性的產品，並且在困難時期相對實惠的&#34;奢侈品&#34;。儘管與税收相關的波動，Spotify 的季度表現並沒有提供任何理由讓人擔心樂觀的前景受到質疑。</p>
<h2>有用資源</h2>
<ul>
<li>完整財報</li>
<li>投資者關係頁面</li>
</ul>

SPOT

<p>Spotify 公佈了 2025 年第一季度的強勁業績，收入為 42 億歐元，同比增長 16%，高級訂閲用户增加至 2.68 億，增長 12%。然而，由於與 106% 的股價上漲相關的 7600 萬歐元的高就業税，每股收益為 1.07 歐元，未能達到預期。儘管在財報發佈後股價下跌 6%，Spotify 仍預計用户和高級訂閲用户將持續增長，但面臨消費者支出和貨幣波動的潛在挑戰</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>這是我們對 <strong>Spotify</strong>（SPOT -6.42%）2025 財年第一季度財報的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>關鍵指標</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>指標</th>
<th>2024 年第一季度</th>
<th>2025 年第一季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>36 億歐元</td>
<td>42 億歐元</td>
<td>16%</td>
<td>符合</td>
</tr>
<tr>
<td>每股收益</td>
<td>0.97 歐元</td>
<td>1.07 歐元</td>
<td>10%</td>
<td>未達標</td>
</tr>
<tr>
<td>付費訂閲用户</td>
<td>2.39 億</td>
<td>2.68 億</td>
<td>12%</td>
<td>超出</td>
</tr>
<tr>
<td>自由現金流</td>
<td>2.07 億歐元</td>
<td>5.34 億歐元</td>
<td>158%</td>
<td>不適用</td>
</tr>
</tbody>
</table>
</div><h2>Spotify Sees Growth Everywhere, Including Taxes</h2>
<div class="lb-trans"><h2>Spotify 在各方面都看到增長，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 年前三個月的勢頭延續了 2024 年的表現，公司報告活躍月用户增長 10%，達到 6.78 億，付費訂閲用户增長 12%，達到 2.68 億。這轉化為同比 16% 的收入增長和 10% 的收益增長。</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 的一些成功對結果造成了影響。由於成本高於預期，Spotify 的每股收益顯著低於華爾街預期。罪魁禍首？與公司股價在過去一年中上漲 106% 相關的約 7600 萬歐元的僱傭税。</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，這些所謂的社會費用比預期高出約 5800 萬歐元。</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>公司的運營指標繼續表現強勁。Spotify 的訂閲業務每用户平均收入增長 4%，達到 4.73 歐元，主要受價格上漲的推動。廣告支持的收入增長了 8%。整體毛利率為 31.6%，比去年提高了 400 個基點。</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>強勁的盈利能力幫助 Spotify 在本季度將自由現金流翻倍，達到 5.34 億歐元。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>立即市場反應</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>收益未達標似乎在早盤交易中對投資者造成了壓力。Spotify 的股價在財報發佈後下跌了 6%，但在紐約證券交易所常規交易開盤前。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>關注事項</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 引起了廣泛關注，因為它能夠利用其龐大規模和定價能力實現首個完整財年的盈利。公司表示正在關注&#34;逆風&#34;，包括消費者支出可能放緩和外匯波動，但仍然預計 2025 年將持續增長。</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>公司預計當前季度總用户將增長至 6.89 億，略低於華爾街預期，但付費訂閲用户將增長至 2.73 億，這將略好於分析師的預期。</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>從這裏來看，樂觀的觀點是 Spotify 擁有一個粘性的產品，並且在困難時期相對實惠的&#34;奢侈品&#34;。儘管與税收相關的波動，Spotify 的季度表現並沒有提供任何理由讓人擔心樂觀的前景受到質疑。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用資源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整財報</li>
<li>投資者關係頁面</li>
</ul>
</div>

Spotify：業績穩健，但面臨大額税單