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Shares of Spotify declined Wednesday after the company reported its first-quarter 2022 earnings. The stock closed down more than 12% amid a tough earnings season for tech stocks.

Spotify has heavily invested in podcasting and is trying to become ad-driven, arguing that ad-supported revenue came in at 282 million euros. That made up 11% of its total revenue, which the firm said was its largest first-quarter ever for the segment. However, Spotify missed analyst expectations of 304.1 million euros in ad-supported revenue, according to FactSet.

Spotify ended up with 182 million paid subscribers, which is 15% higher year over year but still below the forecast of 183 million. The company said halting business in Russia resulted in a 1.5 million subscribers loss. Revenue from subscriptions grew to 2.38 billion euros, up 23% year over year.

Spotify reached 422 million monthly active users, in its first quarter, up 19% year over year and exceeding its own guidance by 4 million. It also beat analyst expectations, according to a FactSet consensus.

The platform had 4 million podcasts at the end of the quarter, up from 3.6 million in the fourth quarter of 2021. Growth in the number of MAUs who engaged with its podcasts has continued to outpace total MAU growth.

The company expects to reach 187 million total paid subscribers.