Statistia is more accurate in this case. You didn’t link to a public disclosure per se, you linked to an investor marketing statement formatted like a financial

Statistia is more accurate in this case. You didn’t link to a public disclosure per se, you linked to an investor marketing statement formatted like a financial statement. Spotify’s 20-F at the SEC shows that any “operating income” is more than offset by share-based compensation expenses which your investor presentation doesn’t adjust for at all. When counting the liquid stock Spotify pays employees as an expense, they are unprofitable.