Why hasn't SPOT gone anywhere since IPO?
@Travis Hoium:
Spotify $Spotify Technology S.A.(SPOT)$ is now used by over half a billion people every month, so why hasn't the stock gone anywhere since IPO? I'll show you SPOT's history in 7 charts.1. Revenue2. Margins3. OpEx4. Net Income and FCF5. Segment Revenue6. Segment GM7. MAUsLet's go!📈👇1.Spotify's revenue growth has been steady since IPO, but that's not what investors question.Image2.Margins are the biggest challenge for Spotify and they're limited by content deals (more on this below).Image3.Operating expenses have been another challenge. Management has grown opex as the company has grown, meaning no operating leverage. Has that changed in the last quarter? Image4.FCF has long been positive, but net income? Non-existent.Image