Spotify 本季度在订阅用户和利润率上超出预期：付费订阅用户增长9%，毛利率达到创纪录的33%，而一年前为31.6%；第四季度指引为营业利润8.2亿欧元，高于市场预期，但这些改善能否持续仍是未知数。
逐段跳播
现在让我们把注意力转向Spotify。你怎么看？这些股票正在上涨。有投资者在称赞该公司发布季度业绩后的表现。Spotify在用户增长方面的整体表现好于预期，利润率看起来也不错。
Let's now turn our attention to Spotify. What is your opinion? Those stocks are rising. There are investors who are praising the company's performance following its quarterly results .
Spotify's overall performance is better than expected in terms of subscriber growth, and profit margins look good.
把数据换算成美元后，每股收益看起来一直在2.85美元上下波动。但第四季度的预测显示，其营业收入和付费订阅用户数将高于华尔街此前的预期。
When the figures are converted to dollars, earnings per share appear to have been erratic at $2.85 . But the fourth-quarter forecast points to higher operating income and premium subscribers than Wall Street had anticipated here.
众所周知，就华尔街关注的重点而言，上一季度的表现往往并不重要。我们在这里寻找的是关于未来方向的线索，也就是订阅用户方面的情况，因为付费用户数已经超过了公司给出的指引，而月活跃用户数增长了11%，达到7.88亿。
As we know, the last quarter often doesn't matter when it comes to what Wall Street is looking for. We are looking for clues about the future direction from here with regard to subscribers, as the number of paid users has exceeded the company's guidelines, and the number of monthly active users has increased by 11% to reach 788 million.
付费订阅用户数增长了9%，达到3.06亿。可见用户愿意为使用Spotify付费。
The number of premium subscribers grew by 9% to reach 306 million. So subscribers are willing to pay to get Spotify here.
付费订阅仍是收入的主要驱动力，应该说约占销售额的90%。这一点在各个层面都是如此。付费订阅收入增长了17%，广告收入则实现了两位数增长。Nicole，他们实现了创纪录的毛利率。
在这方面，毛利率达到了33%的纪录高位，高于去年的31.6%。
Paid subscriptions remain the main driver of revenue, representing about 90% of sales, I should say. This applies at all levels. Premium revenues rose by 17%, and advertising revenues jumped by double digits.
They achieved a record gross profit margin, Nicole. In this regard, they reached a record high of 33%, up from the previous year when it was 31.6%.
因此，在覆盖了提供服务的成本之后，他们能留下更多的收入。问题在于这些涨幅能否持续。从股票目前的反应来看，华尔街似乎预期会如此，而目前的涨幅是我们在盘前交易中看到的两倍。
Therefore, they keep more dollars as revenue after covering the cost of providing services here. The question is whether those gains will continue. Wall Street seems to expect so, based on how stocks are reacting now, which is twice as much as we saw in premarket trading.
关于第四季度的展望，他们预测营业收入为8.2亿欧元，这就是预期。他们预测毛利率为33.8%，略高于市场预期，Nicole。
Regarding the outlook for the fourth quarter, they are forecasting operating income of 820 million euros, that is the expectation. They are forecasting a gross profit margin of 33.8%, which is slightly higher than estimates, Nicole.
观察点
这个频道对 $SPOT 的历次判断
Schwab Network 在这只股票上共 2 条判断，这里只列相邻的几条。