Pandora dives as listeners defect, revenue comes up short
Pandora Media Inc. stock fell sharply in late trading Thursday after the streaming-music service said the number of listeners declined and quarterly revenue was less than expected. Pandora said its fiscal second quarter included a net loss of $76.3 million, or 33 cents a share, on revenue of $343 million; after adjustments for stock-based compensation and other factors, the company claimed a loss of 12 cents a share. Analysts polled by FactSet expected on average for Pandora to report an adjusted loss of 16 cents a share on revenue of $352 million; Pandora had forecast revenue of $345 million to $355 million. Pandora said that it had 78.1 million active listeners at the end of the quarter, a decline from 79.4 million in the same quarter last year, though total listener hours grew 7% year-over-year. Analysts expected Pandora to have 80.3 million active listeners, according to FactSet. Pandora shares fell more than 7% in after-hours trading, after closing with a 2.8% decline at $12.
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