Spotify's Q1 2026 earnings release on April 28 disclosed 761 million monthly active users, surpassing Wall Street consensus of 759 million and company guidance by 2 million, with 12% year-over-year growth propelled by 10 million net additions amid AI personalization advances and emerging market gains in Latin America and Asia. Premium subscribers reached 293 million, up 9%, driving €4.53 billion revenue and €715 million operating income—gross margins expanded to 33%. Shares dipped post-earnings on modest Q2 subscriber outlook, despite MAU guidance of 778 million. Traders eye competitive dynamics from YouTube and Apple Music, plus EU regulatory risks, as key swing factors for sustained user momentum.