• – Alphabet’s revenues increased 18% YOY to USD 113.8 billion in Q4 2025.
• – Google Services revenues rose 14% YOY to USD 95.9 billion, driven by 17% growth in Google Search & Other, 17% in Google subscriptions, platforms and devices, and 9% in YouTube ads.
• – Alphabet’s shares closed largely flat on Thursday after the earnings report.
• – YouTube revenue from ads and subscriptions exceeded USD 60 billion for the full year 2025. In total, the company now have over 325 million paid subscriptions across consumer services, led by strong adoption for Google One and YouTube Premium.

Sanoma

• – Net sales decreased to EUR 225.8 million in Q4 for Sanoma, compared to EUR 241.5 million a year earlier, driven by lower net sales in both businesses (Learning and Media Finland).
• – In Media Finland, the decline in advertising sales was partially offset by continued growth in digital subscription sales. Advertising sales decreased 12% to EUR 49.7 million in Q4, while subscription sales grew 4% to EUR 67.2 million.
• – Adjusted operating profit amounted to EUR -27.4 million, stable compared to Q4 2024 (EUR -27.3 million).

Storytel

• – Average paying subscribers of Storytel totaled 2.65 million in Q4, up 8.6% YOY from 2.44 million in the year-earlier period.
• – Revenue grew 12% in constant exchange rates (CER), while streaming revenues increased 10% at CER.
• – Net profit for the period amounted to SEK 300 million, compared to SEK 149 million in Q4 2025. Recognition of deferred tax asset impacted +195 MSEK on net profit.
• – Storytel, which has not previously paid a regular dividend, proposed a dividend of SEK 1.5 per share, corresponding to a total of SEK 115.9 million.
• – Storytel’s share price rose in early trading this morning, following the report.

Spotify

• – Total revenue increased 13% YOY in Q4 2025 for Spotify, reaching EUR 4.5 billion.
• – Premium subscribers grew 11% YOY to 290 million.
• – Net income increased to EUR 1.17 billion, or EUR 4.43 per share, from EUR 367 million, or EUR 1.76 per share, in the year-earlier period.
• – Spotify’s share price rose as much as 15% yesterday after the report.

Telenor

• – Service revenues increased 2.6% YOY, and adjusted EBITDA rose 11.7%, both on an organic basis.
• – Nordic adjusted EBITDA growth was 8.7% on an organic basis, driven by service revenue growth, increased wholesale revenues in Norway, and opex reductions.
• – Adjusted net income was NOK 3,026 million, and adjusted earnings per share were NOK 2.21.
• – Better-than-expected earnings sent Telenor’s share price up nearly 5% following the report