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Jessica Riefer-Ehrlich

Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co.

Jessica Riefer-Ehrlich is a Managing Director and Senior Equity Research Analyst at JPMorgan Chase & Co., specializing in the coverage of consumer and retail companies. She is known for her in-depth analysis of industry leaders including Walmart, Costco, Target, Dollar General, and Kroger, with a research track record that consistently ranks in the top quartile among peers for both stock selection and accuracy. Since joining JPMorgan in the early 2000s, she has developed her expertise after prior analyst roles at Bear Stearns and Salomon Smith Barney, establishing a reputation for comprehensive sector knowledge and client service. Riefer-Ehrlich is FINRA registered and holds the Series 7, 63, 86, and 87 licenses, and she has been recognized by Institutional Investor's All-America Research Team for her achievements in equity research.

Jessica Riefer-Ehrlich's questions to Spotify Technology (SPOT) leadership

Question · Q3 2025

Jessica Riefer-Ehrlich asked Co-CEOs-designate Gustav Söderström and Alex Norström about what they are most excited about in their respective areas as they prepare to take over in January.

Answer

Alex Norström, Co-President and Chief Business Officer, expressed excitement about the increased ambition level, strong user fundamentals, and the expansive TAM across music, podcasts, and audiobooks, aiming for a billion subscribers. Gustav Söderström, Co-President, CPO, and CTO, highlighted the enduring excitement for Spotify's large TAM and the current 'AI macro shift,' which presents an opportunity to re-innovate with a strong company and talented team.

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