Some earnings results are more difficult to interpret than others, and Spotify’s were no exception. Like Universal Music Group’s Q2 earnings, which contained a jumble of metrics headed in opposite directions, the streaming giant’s results were a mixed bag of wins and losses — a contrast to previous quarters when the metrics were in much better alignment.

The market seemed to take the Spotify results poorly, as the company’s share price dropped more than 11% following Tuesday’s earnings release. (Importantly, a pullback of that scope isn’t a surprise given Spotify’s share price was up 112% over the last year through Monday, July 28.) Analysts, however, were more sanguine and focused on the company’s long-term prospects rather than the quarter-to-quarter bumpiness.

Some of the factors that influenced Spotify’s mixed quarter were under its control (subscriber growth, lower-than-expected advertising performance). But some factors were out of its control (foreign exchange losses) while others were a combination of external and internal forces (higher stock-based compensation expense related to Spotify’s soaring share price). That’s a lot to digest.

Spotify’s earnings results highlighted the tension between investors’ desire for neat, linear growth and the untidy realities for companies that report earnings every three months. For a variety of reasons, some quarters will be better than others, and CEO Daniel Ek encouraged investors “to be prepared” for those instances where Spotify spends more money to grow the business over the long term.

A drop in advertising prices, for example, might spur Spotify to “double or triple” its marketing expense, Ek explained. “We generally expect to see more efficiencies as we’re leveraging better and better tools,” he said, “but sometimes that efficiency may mean that the right thing is to actually spend more in the short term to then get it back in the long term.” Translation: The path to success isn’t a straight line.

Equity analysts, who love a clean narrative as much as anybody, tried to make sense of the contrasting indicators. J.P. Morgan analysts called it a “messy” quarter for its mix of positives and negatives. Some analysts slightly lowered their forecasts for revenue and operating income. Everybody pointed to the fact that Spotify will encounter some bumps in the road as it makes investments (which are a drag on earnings) in pursuit of long-term growth (which, to Ek’s point, could help earnings down the road).

But there was nothing in Spotify’s results and executives’ comments that changed analysts’ overall theses. Investors want to see year-over-year growth every quarter, but analysts know that isn’t realistic. In their notes to investors, analysts focused on long-term opportunities to attract subscribers, benefits from current investments and Spotify’s ability to generate additional revenue.

Analysts believe that Spotify will continue to succeed if it makes the platform more engaging. Some of them homed in on two statistics that Spotify mentioned during the earnings call: 350 million users have streamed a video podcast, and video consumption is growing 20 times faster than audio-only consumption. Spotify’s investments in AI could also lead to better engagement. Spotify now has AI playlists in 40 countries, and user engagement with its AI DJ has “nearly doubled” in the last year, Gustav Söderström said during Tuesday’s earnings call.

Another factor in long-term growth is Spotify’s ability to generate revenue in different ways. For most of its history, Spotify has made money selling ads and subscriptions based on music listening. That has changed in recent years, and J.P. Morgan analysts believe the company has the ability to improve monetization outside of the record label/music publisher royalty structure. In other words, podcasts and audiobooks have the potential to help drive revenue without giving 70% of that revenue to music rights holders.

In the end, analysts’ valuation models didn’t change much, if at all. Guggenheim lowered its price target to $800 from $840 and maintained its buy rating. J.P. Morgan maintained its $740 price target. Cantor Fitzgerald left its $640 price target unchanged and reiterated its neutral rating. Bernstein kept its $840 price target and outperform rating. There’s a $200 variance in price targets within those four examples. But considering Spotify closed Friday at $627.15, it’s clear all the analysts feel there is upside for investors willing to hold on through occasional rough terrain.  

Led Zeppelin‘s Jimmy Page and a songwriter have reached a settlement to resolve the latest lawsuit over the disputed credits to the band’s iconic song “Dazed and Confused,” according to new court filings.

The agreement, filed in court Friday (Aug. 1), will quickly end a copyright case filed this spring by Jake Holmes, a songwriter who has claimed for years that he actually wrote “Dazed and Confused” and that Page simply performed it without credit or payment.

Terms of the deal were not disclosed in public filings, other than to say that it “resolves the entire case” and will be formalized in the weeks ahead. Notice of the settlement was filed by attorneys for Holmes and was not signed by lawyers for Page or other defendants.

Reps for Page did not return a request for comment. An attorney for Holmes declined to comment.

Holmes wrote and recorded “Dazed and Confused” in 1967; Page later reworked it into a song for his band The Yardbirds, then into the famed 1969 Zeppelin track. Decades later, in 2010, Holmes filed a copyright lawsuit against Page. That case quickly settled, and the credits for Zeppelin’s track now say it was “written Jimmy Page, inspired by Jake Holmes.”

But in May, Holmes sued Page again, accusing the legendary rocker of flouting that earlier agreement and violating his rights. The case centered on newly released recordings of Yardbirds performances and the recent documentary Becoming Led Zeppelin.

“By falsely claiming that the Holmes composition is the Page composition, … Page [and others] have willfully infringed the Holmes composition,” Holmes’ lawyers write. “Defendants…have ignored plaintiff’s cease and desist demand and continue to infringe.”

The case against Page was still in the earliest stages, and he and the various other defendants (which also included music publisher Warner Chappell and film studio Sony Pictures) had not yet formally responded to the accusations with court filings of their own.

Chris Kirkpatrick says his *NSYNC bandmate Justin Timberlake “showed me a whole new level of strength” in the wake of Timberlake’s announcement that he has Lyme disease on Thursday (July 31).

Kirkpatrick took to Instagram to show support for Timberlake, who struggled with Lyme disease on his recent Forget Tomorrow World Tour, which closed out last night.

“Watching him battle Lyme disease day in and day out, while still getting on that stage night after night, was something I’ll never forget,” Kirkpatrick wrote under a photo of himself, Timberlake and fellow *NSYNC members Lance Bass and JC Chasez. “The long days, the travel, the exhaustion — and yet, he never gave up. No complaints, no excuses — just heart, grit, and pure determination.”

Kirkpatrick added about Timberlake, “That kind of resilience is rare.”

In a vulnerable Instagram post Thursday (July 31), Timberlake shared photos from his time on the road and wrote, “As I’m reflecting on the tour and festival tour — I want to tell you a little bit about what’s going on with me.” 

Timberlake went on to announce, “Among other things, I’ve been battling some health issues, and was diagnosed with Lyme disease — which I don’t say so you feel bad for me — but to shed some light on what I’ve been up against behind the scenes.”

“If you’ve experienced this disease or know someone who has — then you’re aware: living with this can be relentlessly debilitating, both mentally and physically,” he continued. “When I first got the diagnosis I was shocked for sure. But, at least I could understand why I would be onstage and in a massive amount of nerve pain or, just feeling crazy fatigue or sickness. I was faced with a personal decision. Stop touring? Or, keep going and figure it out. I decided the joy that performing brings me far outweighs the fleeting stress my body was feeling. I’m so glad I kept going.”

Continuing his support, Kirkpatrick wrote: “I couldn’t be more proud to call him my friend. Tour life is already a grind, but doing it while fighting Lyme disease? That’s superhero status.”

Kirkpatrick concluded his post with, “Here’s to strength, perseverance, and one hell of a tour. Love you little bro.”

Timberlake isn’t the first musician who’s publicly shared his Lyme diagnosis, with Shania Twain, Avril Lavigne, Justin Bieber and more stars also previously speaking about their struggles with the illness.