Shares of Pandora Media plunged in after-hours trading on Tuesday after the Internet radio service warned it expects a worse-than-expected full-year loss.
The ominous outlook for Pandora overshadowed a third-quarter report for which Pandora posted results that were better than what Wall Street had predicted.
Oakland-based Pandora earned $2.1 million, or 1 cent a share, on revenue of $120 million. Compared to the year-ago third quarter, profits more than tripled and rose 221 percent. Revenue soared 60 percent higher.
Excluding one-time items, Pandora earned 5 cents a share, compared with Wall Street's expectation of 1 cent a share for the third quarter.
Analysts, though, focused on Pandora's prediction of a full-year loss that would range from 9 cents a 22 cents for fiscal 2013. Wall Street had predicted a loss of 6 cents a share for the fiscal year that is due to conclude at the end of January.
Pandora's shares have struggled in recent months, partly because of fears over potential competition from Cupertino-based Apple (AAPL).
The gloomy guidance triggered the latest stock dive for Pandora, which has also come under pressure at times this year due to concerns about potential competition from Apple.
In extended-session trades, Pandora was down
Distributed by MCT Information Services
Most Popular Stories
- Top Hispanic Tech Companies Push for the Top
- 5 Notable Hispanic Technology Executives
- Russia, Crimea Discuss Referendum
- 'Holy grail of guitars' OM-45 Deluxe Available in in NY Auction
- Justin Bieber Loses Cool Over Selena Gomez
- Maya Angelou Cancels Milagro Gala Appearance Due to Illness
- Spotify Picking up Echo Nest
- Goya Nutritionist Answers Demand for Healthy Hispanic Dishes
- California Establishes Center for Coffee Study
- Getty Releases Millions of Images for Free Via Embed Tool