Spotify Stock Slides On Earnings, Acquisition News [UPDATE]

UPDATED: Spotify was down 2.83% at the close of trading Wednesday and kept falling in after hours trading, after the streamer’s Q2 earnings report. As of 5:20 PM ET Wednesday, the stock had fallen another 1.43%, trading at $133.51.

Strong user growth and its first ever profitable quarter were offset by lower than anticipated earnings and the acquisition of podcasters Gimlet ($230 million) and Anchor (undisclosed,) as part of a buying spree that execs admit could top $500 million.

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• Spotify Reports 207M Users, 97M Paid, Strong Q4 Financials