Pandora CEO Joe Kennedy, third from left and founder Tim Westergren, fourth from left, ring the NYSE opening bell on June 15, 2011.(Photo: Richard Drew, AP file)
UPDATE: Pandora continued its nose-dive early Wednesday. Its shares
tumbled another 14%, to $8.11, following a financial forecast that
SAN FRANCISCO -- Pandora's latest financial results aren't music to the ears of investors.
in the online radio service have tumbled 21% in after-hours trading
Tuesday, to $7.43, after it forecast bleak fourth-quarter projections
despite third-quarter numbers that topped analysts' estimates.
Pandora (P) management warned it expects the company to lose 9 cents to 12 cents a share in fiscal 2013.
sobering news undercut a fine Q3, in which Pandora's revenue rose 60%
for the three months ended in October, to $120 million. Pandora also
said "listener hours" in the just-completed quarter soared 67%, year
over year, to 3.56 billion.
"This quarter exceeded our expectations as we monetized mobile at record levels," CEO Joe Kennedy said in a statement.