Pandora Media Inc. shares fell more than 15% after hours Thursday after the company reported a third-quarter net loss of $85.9 million, or $0.40 per share, compared with a $2 million loss, or $0.01 per share, a year earlier. The Internet radio company reported adjusted earnings per share of $0.10, compared with $0.09 last year. FactSet’s consensus estimate was $0.10. Revenue for the quarter grew to $311.5 million from $239.5 million in the year-ago period, missing FactSet’s consensus of $313 million. Total listener hours grew 3% to 5.14 billion in the quarter, compared with 4.99 billion during last year’s same period, the company said, while revenue from advertising was $254.7 million, up 31% year-over-year, and subscription revenue was $56.9, an increase of 26%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News