Pandora Shares Plummeting in After-Hours Trading
The provider of music online reports fourth-quarter results that miss expectations on the top and bottom lines.
Shares of Pandora where free-falling 15 percent in after-hours trading on Tuesday after the digital music company reported uninspiring quarterly earnings results.
The provider of online music reported revenue and profit that missed the expectations of analysts, then provided guidance that missed their predictions as well.
The company said it lost $8.2 million during the fourth quarter, up from a loss of $1.4 million. Revenue improved 71 percent to $81.3 million.
Pandora said 89 percent of its revenue came from advertising and the remainder came from "subscription services and other."
The company said it recorded 2.7 billion listener hours, up 99 percent year over year and that it commanded nearly 70 percent of the share of the top 20 U.S. Internet radio services. Active users grew 62 percent from last year to 47 million.
The big numbers didn't impress Wall Street, though. After the stock dropped 3 percent during the regular session to $14.27 it continued to sink after the closing bell.
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