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Pandora down second quarter outlook

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Shares of the internet radio company Pandora Media Inc (NYSE:P) are significantly down this morning after the company reported a second quarter outlook that missed estimates. The radio internet company reported a first quarter loss of 13 cents per share, one cent lower that estimates. Higher advertising and subscription revenue drove total revenue to exceed estimates by $16.6 million. For the second quarter, Pandora is expecting earnings from a range of zero to 3 cents per share on revenues between $213 million and $218 million. However, analysts were expecting earnings of 5 cents per share on revenue of $218.3 million for the second quarter.