Advertising RevenueAdvertising revenue declined by 6% year-over-year, impacted by foreign exchange, pricing softness, and podcasting inventory optimization.
Market CompetitionSpotify faces fierce competition, thin margins, and a rich valuation in a challenging macro environment.
Valuation ConcernsInvestors have sought refuge in Spotify amidst the choppy waters of this year’s trade war, sending the stock sharply higher, but leaving Spotify with a stretched valuation.