Pandora Shares Slump On Third-quarter Loss

By Sue Chang Markets MarketWatch Pulse

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.

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