🚀 Spotify shares fall 11%

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Spotify shares plunged 11%, its worst single-day drop in two years, after the company missed revenue expectations, posted a surprise loss, and issued weak guidance for Q3. Despite a 10% year-over-year revenue increase to €4.19B, the company reported a €86M net loss, citing rising costs and €115M in social charges. Ad-supported revenue declined 1%, and the outlook for Q3 revenue (€4.2B) fell short of Street expectations (€4.47B). CEO Daniel Ek acknowledged execution issues but said he's confident in Spotify’s long-term strategy, pointing to strong user growth and expanding features like AI DJ and audiobooks.

2. At an all-hands meeting, Google CEO Sundar Pichai told employees they must become more "AI-savvy" and use artificial intelligence to boost productivity as the company ramps up spending while trying to stay lean. Pichai said Google must accomplish more with fewer resources amid an $85 billion capex plan for 2025, driven by data center and AI infrastructure investments. Developer lead Brian Saluzzo added that internal tools like the AI coding assistant "Cider" and training programs like "Building with Gemini" are helping software engineers speed up development. Google is joining other tech giants like Amazon and Microsoft in pushing AI adoption across its workforce.

3. This gold miner, with a pre-money valuation of only C$15 million, is completing a C$2 million pre-IPO equity raise to restart the Gold Road mine in Arizona, USA. The mine and mill, idled since 2021, are in excellent condition to capitalize on current high gold prices. Gold Road is Arizona's only fully permitted integrated gold mill and plans to list on the TSX.V this October. Management aims to reach 20,000 ounces of gold per year by 2025/26. This would generate over US$40 million EBITDA in 2026 and offer a substantial dividend yield paid in physical gold and silver, presenting significant upside from its current low valuation. Learn more. *

4. Starbucks reported a sixth straight quarter of same-store sales declines, down 2% globally, but CEO Brian Niccol said the company’s turnaround is “ahead of schedule.” Revenue beat expectations at $9.5 billion, and same-store sales in China rose for the first time in 18 months. In North America, results slightly outperformed estimates, with fewer new stores being opened and a renewed focus on hospitality through its “Green Apron Service” initiative. Starbucks is also considering selling a stake in its China business amid rising competition and plans to introduce product innovations, new technology, and a Rewards overhaul for fiscal 2026.

   Headlines

   1. United Airlines flight attendants reject a 26% raise.

   2. Trump’s EPA is repealing the finding that CO2 emissions are harmful to public health.

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