Shares of Pandora, up 1.9% over the past year, sank 5.4% to $11.52 in after-hours trading Tuesday as the company’s third-quarter results fell below expectations.
Pandora’s active listeners were 77.9 million in the third quarter, compared with 78.1 million from the same period last year. Total operating expenses for the September quarter rose to $191.9 million from $164.7 million a year earlier.
For the year, Pandora Media now expects revenue to land between $1.35 billion and $1.37 billion, down from a previous range of $1.39 billion and $1.41 billion. Analysts surveyed by Thomson Reuters projected $1.4 billion.