Pandora Posts 3Q Loss, Revenue Up 50 Percent
OAKLAND (CBS SF) – Shares of Pandora Media Inc. are dropping after the Internet radio leader’s outlook for the three months through January was mostly short of Wall Street’s forecast.
The company on Thursday posted a loss of $1.7 million, or a penny per share. Excluding stock-based compensation and other items, earnings came to 6 cents per share, matching the forecast of analysts polled by FactSet.
Revenue rose 50 percent to $180.4 million, beating the $177 million expected by analysts.
Pandora says it had 70.9 million active listeners in the quarter, up 20 percent from a year ago. Total listener hours grew 17 percent to 4.18 billion.
Shares are off 4.8 percent to $28.26 in after-hours trading. The stock has more than tripled this year.
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