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Pandora Media's revenue beats on advertising boost

(Reuters) - Pandora Media Inc reported better-than-expected quarterly revenue as advertisers spent more on the online music streaming service amid stiff competition.

The company's shares were up 1.4 percent in choppy after-hours trading on Monday. The stock was up 6 percent after the quarterly results but pared some gains after Pandora cut its full-year forecast on a conference call.

Pandora now expects its full-year revenue to range between $1.45 billion and $1.50 billion, compared with its previous forecast of $1.50 billion to $1.65 billion.

The lowered forecast reflects adjustments related to Pandora's sale of its ticketing firm, Ticketfly, and the closure of Australia and New Zealand operations in June.

Analysts on average were expecting full-year...