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Pandora Drops 6% as Q3 Revenue Misses

Analysts had been modeling $380 million in revenue and an 8-cent loss.

Pandora said its total number of paying subscribers rose 29%, year over year, to 5.19 million, producing a 50% rise in subscription revenue, to $84.4 million, even as advertising revenue of $275.7 million rose just 1%.

Total "listener hours" were 5.15 billion, down from the year-earlier 5.4 billion, as the number of "active listeners" came in at 73.7 million.

Pandora shares are down 44 cents, or 6%, at $6.97, in late trading.