The only sure thing in this earnings season is unpredictability. While the global economy remains resilient in the face of U.S. tariffs, and U.S. gross domestic product grew 3% in Q2, stocks took a hit from a weak U.S. jobs report on Aug. 1, and some experts believe a constant drip, drip, drip of negative developments will cause “death by a thousand cuts.”

Music companies’ early results also offered mixed signals. Spotify, the first music company out of the gate on July 29, posted solid year-over-year growth but disappointed investors with weaker-than-expected guidance for the third quarter. Spotify shares dipped 11.6% as a result. Two days later, Universal Music Group (UMG) posted 4.5% revenue growth and 8.5% subscription growth. But investors were hesitant — was it a lack of margin impr

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