Spotify Tops First-Quarter Profit Estimates; Premium Subscriber Growth, Outlook Disappoint

-- Spotify Technology (SPOT) reported stronger-than-expected first-quarter profit, while the audio-streaming platform's premium subscriber growth and outlook disappointed investors, sending the stock lower in Tuesday trading.

For the March quarter, per-share earnings rose to 3.45 euros ($4.04) per diluted share from 1.07 euros a year earlier, topping the FactSet consensus of 2.95 euros. Revenue climbed 8% to 4.53 billion euros, in line with estimates.

Monthly active users increased 12% to 761 million, while Wall Street expected 759.1 million. Premium subscribers increased 9% to 293 million, though analysts projected growth to 293.2 million.

"We added 3 million net subscribers during the quarter, finishing at 293 million, in line with our guidance," Chief Financial Officer Christian Luiga said on an earnings call with analysts, according to a FactSet transcript. "We saw no surprises with respect to price increase-related churn following our January US price increase."

Spotify's New York Stock Exchange-listed shares fell 14% intraday. The stock has dropped 26% this year.

In the current quarter, Spotify expects revenue of 4.8 billion euros, while analysts are looking for 4.77 billion euros. The company projects monthly active users to increase by 17 million to 778 million, above the consensus of 774.8 million. Premium subscribers are anticipated to increase by 6 million to 299 million, versus Wall Street's forecast 300.4 million.

Guidance for premium subscriber growth is "modestly below the significant outperformance we saw in the prior-year quarter, which benefitted from items such as favorable adjustment to our iOS app in the US," Luiga said.

Premium revenue in the March quarter jumped 10% to 4.15 billion euros, while ad-supported revenue declined 5% to 385 million euros.

"Brands have always valued Spotify for its high user engagement, its beloved brand and its high-quality content, but the market shifted," CEO Alex Norstrom said on the call. Advertisers' pivot to biddable buying prompted a rebuild of the company's ad stack to tap into that market, he said.

Price: $428.60, Change: $-67.22, Percent Change: -13.56%

CVR Energy Reports Q1 Production Gains as Utilization Reaches 97%

CVR Energy (CVI) reported Q1 earnings Wednesday, showing total production of 211,812 barrels per day, up from 116,575 b/d a year earlier.The company reported total throughput of 214,268 b/d for the quarter ended Mar. 31, up from 120,377 b/d, a year earlier.Coffeyville refinery gathered crude throughput rose to 50,723 b/d in the quarter, from 26,728 b/d a year earlier, CVR Energy said.Other domestic crude throughput increased to 62,045 b/d from 12,348 b/d, while Canadian crude throughput rose to 17,384 b/d, compared with 640 b/d a year earlier, the company said.Coffeyville produced 74,789 b/d of gasoline for the quarter versus 18,940 b/d a year earlier, while distillate output increased to 57,138 b/d from 20,233 b/d, the company said.Other liquid products declined to 4,439 b/d for Q1, down from 6,324 b/d a year earlier, while solids output rose to 5,981 b/d from 1,321 b/d, CVR Energy said.Wynnewood refinery throughput for gathered crude declined to 58,154 b/d compared with 68,572 b/d a year earlier, the company added.Other domestic crude throughput increased to 11,556 b/d for the quarter, up from 573 b/d, the company said.Wynnewood produced 36,699 b/d of gasoline for Q1, compared with 39,740 b/d a year earlier, while distillate output rose to 30,343 b/d from 24,948 b/d, the company said.Other liquid products declined to 2,413 b/d from 5,058 b/d, while solids output remained largely unchanged at 10 b/d versus 11 b/d, CVR Energy said.Crude utilization reached 96.8% of capacity, compared with 52.7% a year earlier, reflecting improved operating performance across refining assets, the company said.For Q2, the company expects total refining throughput between 200,000 b/d and 215,000 b/d, with crude utilization projected at 92% to 99%, it said.

$CVI

Research Alert: Strength In Japan Propelled Aflac's Q1 Results

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AFL reported Q1 2026 adjusted EPS of $1.75 versus $1.66 (+5.4%), topping our $1.58 estimate but missing the $1.80 consensus view, with currency headwinds creating a $0.02 negative impact. Net EPS surged to $1.98 from $0.05 (+3,860%) due to a significant swing in investment performance, with net gains of $49M versus $963M in losses. We view the strong underlying insurance operations as encouraging despite persistent Japanese yen weakness affecting results. Management is expected to update its 2026 outlook and sales forecast on tomorrow's conference call. Japan showed particular strength with new annualized premium sales surging 25.5% to 17.7B ($113M), due to successful product launches including Anshin Palette medical insurance and Miraito cancer insurance. U.S. sales growth of 2.9% to $318M primarily reflected group products, though we expect continued distribution challenges given the company's dependence on independent agents in an increasingly digital marketplace.

$AFL

Intuitive Surgical Insider Sold Shares Worth $291,887, According to a Recent SEC Filing

Amy L Ladd, Director, on April 28, 2026, sold 619 shares in Intuitive Surgical (ISRG) for $291,887. Following the Form 4 filing with the SEC, Ladd has control over a total of 120 common shares of the company, with 120 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1035267/000178175026000002/xslF345X05/edgardoc.xml

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