Dear Reader,
A few weeks ago, my name appeared in the Epstein files.
I won't dramatize it. I wasn't accused of anything. I wasn't involved.
But I did something most people don't do when they see something that doesn't add up.
I spoke up.
Years ago, when I thought a financial tip might help law enforcement understand how Epstein operated, I shared it. Discreetly. Without expecting anything in return.
That instinct... to step forward when something feels wrong... is the same one that led me to warn about the dot‑com bubble... the housing collapse... and several major market dislocations before they became obvious.
And it's why I'm speaking up again now.
Because something fundamental is shifting in America.
The cost of living no longer matches how much money we make...
We can't keep our promises to younger generations.
And artificial intelligence is accelerating changes most people are not prepared for.
One Wall Street strategist recently called what's coming a "violent reset."
I agree with the direction, if not the language.
There is a line forming between those who understand what's happening... and those who don't.
I've laid out what I'm seeing and, more important, what you can do about it, in detail.
Click here to read it while you still can.
Regards,
Whitney Tilson
Editor, Stansberry's Investment Advisory
Spotify Just Crushed Earnings—So Why Is the Stock Still Down 34%?
Authored by Chris Markoch. Date Posted: 2/10/2026.
In Brief
- Spotify posted a strong earnings beat, driven by margin expansion and subscriber growth across all regions.
- SPOT stock showed technical signs of being oversold before earnings and surged back toward key moving averages.
- Despite lower price targets, most analysts maintain Buy ratings with upside well above current levels.
Spotify Technology (NYSE: SPOT) delivered a strong earnings report that reinforces the company's leadership in audio streaming and signals that new initiatives could be catalysts for future growth. For investors, that makes this an attractive time to consider SPOT stock, which was down more than 34% for 2026 in early February.
Heading into earnings, the SPOT chart showed clear oversold signals. The report supports a bounce higher, especially as capital begins to flow back into technology stocks.
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Add your name and claim your free Gold IRA Guide today.At the close on Feb. 9, the stock traded below its lower Bollinger band and the relative strength index was firmly in oversold territory. A roughly 17% jump in the first hour of trading pushed the price back to its 20-day simple moving average (SMA).
With positive subscriber momentum and Spotify's expansion into new products—including video and audiobooks—this looks like a solid entry point for investors seeking growth in 2026.
Analysts Have Been Leading the Way
Before the company's earnings report, SPOT fell after KeyCorp lowered its price target to $720 from $830—slightly below the consensus target of $724.16. KeyCorp wasn't the only firm trimming targets; many analysts have reduced their price targets since the beginning of the year.
Investors should separate the action of lowering targets from the level of the new targets. In this case, most revised targets remain well above SPOT's $414.74 close on Feb. 9, and several analysts still have targets above the consensus.
Importantly, despite the lower targets, most analysts have maintained a Buy or equivalent rating. The Spotify analyst forecasts show 34 analysts covering SPOT: 26 rate it Buy (or equivalent) and eight rate it Hold (or equivalent).
Spotify Is Firing on All Cylinders
Revenue came in at €4.53 billion (approx. $5.27 billion), slightly above the €4.52 billion ($5.14 billion) estimate. The bottom line, however, was the standout. Spotify reported adjusted earnings per share (EPS) of €4.43 (approx. $5.16), well ahead of the €2.78 (approx. $3.16) estimate.
The company added 38 million monthly active users (MAUs), bringing the total to 751 million, up 11% year-over-year (YOY). Premium subscribers rose to 290 million, a 10% YOY gain. Crucially, growth in both segments occurred across all regions.
With roughly two-thirds of subscribers still on the free plan, the quarter's results show Spotify is becoming more efficient at monetizing each user while keeping costs under control.
This efficiency is reflected in operating margin, which improved to 15.5% from 11.2% a year earlier. The gain has been driven by a combination of pricing and product mix.
Premium revenue rose not only because of higher subscriber counts but also due to price increases that strengthened the bottom line. Spotify is also managing costs: gross margin came in at 33.1%, above the company's guidance of 32.9%.
Investors, however, are focused on forward revenue drivers—most notably ad revenue, which was a weaker spot this quarter. The quarter prioritized increasing subscriptions; that scale should allow Spotify to command higher ad prices. Analysts estimate that could add roughly $1 billion in revenue over the next 12 months.
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