Spotify shares fell 11% Tuesday after the company missed second-quarter revenue, operating income, and guidance expectations, according to The Wall Street Journal. The stock had surged 57% year-to-date before the report, outperforming most of the S&P 500. A June Evercore survey found 38% of respondents prefer Spotify over other music apps, and users were the least likely to cancel over a $1 price hike. Analysts project annual revenue to top $20 billion by 2026, boosted by pricing changes and new tiers like “superfan.” Spotify’s podcast strategy is gaining traction, with a 21% global ad revenue share in the space. Advertising only brings in 11% of Spotify’s revenue despite most users being on the ad-supported plan. CEO Daniel Ek acknowledged the company has moved too slowly in improving ad tech but said automation is being added to speed growth.