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Pandora shares fall to all-time low after company management provides downbeat guidance

Shares of internet radio platform Pandora Media Inc. P, -24.56% fell nearly 26% in morning trade on Friday, hitting an all-time low. Pandora reported earnings for the third quarter after the market closed on Thursday and missed on revenue. The company also reported losing 2.3 million active listeners. Pandora management provided downgrade guidance and a plan for the company moving forward during a company's quarterly conference call. Analysts have said that management's view on the business has been sobering, and that the company's advertising technology driven turnaround will take time. Pandora shares were downgraded to neutral from overweight at J.P. Morgan. "We believe new management are appropriately focused on stabilizing monthly users and investing in ad tech to capture greater share of overall radio dollars," wrote J.P. Morgan analyst Doug Anmuth. "But overall visibility remains limited and we do not see a near-term catalyst for the shares." Pandora shares have declined more than 54% in the year to dated, while the S&P 500 index [S: SPX] is up more than 15% and the Dow Jones Industrial Average DJIA, +0.10% is up 19%.


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