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Pandora cuts outlook amid fewer active listeners

Web-radio service Pandora Media Inc. lowered its annual guidance as the number of active listeners edged down while expenses climbed, helping to cause the company to fall short of revenue and profit outlooks.

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.

Pandora Media sees revenue for the current quarter between $362 million and $374 million, while analysts forecast $391.8...