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  "documentTitle": "Spotify | Results Presentation Deck | 34 slides",
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      "text": "Revenue of €3,357 million grew 11% Y/Y in Q3 (or 17% Y/Y constant currency*), reflecting: Premium Revenue growth of 10% Y/Y (or 16% Y/Y constant currency*); Ad-Supported Revenue growth of 16% Y/Y (or 24% Y/Y constant currency*)",
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      "text": "Operating Income of €32 million reflected the above and an Operating Expense decline of 13% Y/Y (or down 8% Y/Y constant currency*), reflecting: Lower marketing spend, Lower personnel costs",
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      "text": "Gross Margin was 26.4% in Q3, up 166 bps Y/Y reflecting: Improvement in podcast trends, Growth in Marketplace activity, Other Cost of Revenue favorability, A lapping of the prior year period's €11 million unfavorable change",
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      "text": "Free Cash Flow* was €216 million in Q3. Our liquidity and balance sheet remained strong, with €3.8 billion in cash and cash equivalents, restricted cash and short term investments. At the end of Q3, our workforce consisted of 9,241 FTEs globally.",
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      "text": "* Constant Currency adjusted measures and Free Cash Flow are non-IFRS measures. See \"Use of Non-IFRS Measures\" and \"Reconciliation of IFRS to Non-IFRS Results\" for additional information.",
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