Nippon Steel to invest about $3 billion in Pennsylvania plant, report says
The reported hot rolling upgrade at U.S. Steel's Mon Valley works is part of an $11 billion investment pledge running through 2028.
Spotify projects quarterly profit above estimates as shares rise
The streaming company expects premium subscribers to reach 316 million in the fourth quarter, exceeding analyst expectations despite a lower user forecast.
Spotify said on October 22 that it expects fourth-quarter operating income of €820 million, exceeding the €813.4 million average analyst forecast compiled by LSEG. The Swedish streaming company is counting on AI features to help attract listeners ahead of the holiday season.
Its shares gained more than 9% in early trading, reaching their highest level since January. Spotify projected about 10 million additional premium subscribers during the fourth quarter, bringing the total to 316 million, against expectations of 314.7 million.
The company's outlook for monthly active users was weaker than expected: it projected 818 million, compared with 819 million in Visible Alpha estimates. Third-quarter monthly active users reached 788 million, up 1% from the preceding quarter.
Co-CEO Gustav Soderstrom said during an earnings call that the About the Song feature was approaching 100 million users. Almost 40 million premium subscribers now listen to mixed playlists, he said. Spotify's AI offerings also include a personalized DJ and playlists generated from listeners' prompts.
For the quarter ended September 30, revenue totaled €4.97 billion, below the €4.98 billion estimate compiled by LSEG. Earnings per share were €2.48, versus expectations of €2.80. Operating income reached €672 million, broadly matching the €671.8 million analyst average compiled by Visible Alpha.
Spotify has said operating-expense growth will peak in the third quarter before easing from the fourth quarter and into 2027. It also announced a licensing agreement with Believe for a planned paid tool for AI-generated fan covers and remixes, adding to similar agreements with Universal Music Group, Merlin and Kobalt.