Pandora Shares Slump On Third-quarter Loss

Shares of Pandora Media Inc. slide in Tuesday's extended session after the internet radio company recorded another quarterly loss. Pandora reported its third-quarter loss narrowed to $61.5 million, or 27 cents a share, from a loss of $85.9 million, or 40 cents a share, a year earlier. On an adjusted earnings before interest, tax, depreciation and amortization basis, which excludes certain items, the company lost $6.6 million. Revenue rose 13% to $351.9 million. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $366 million. In the fourth quarter, Pandora projects revenue in the range of $362 million to $374 million while adjusted EBITDA loss is expected to come in between $51 million to $39 million. Pandora shares dropped more than 5% after hours.