(Adds more financial details)
Dec 4 Pandora Media Inc lowered its
guidance for the fourth quarter, sending its shares down 20
percent in after-hours trading.
The online streaming music service said on Tuesday that it
expects fourth quarter revenue of $120 million to $123 million.
Analysts were expecting revenue of $130.3 million, according to
Thomson Reuters I/B/E/S.
The company reported better-than-expected third quarter
revenue, up 60 percent to $120 million, beating analysts'
It also said that mobile revenue, an important metric, rose
112 percent to $73.9 million for the third quarter.
Still, the company warned that revenue would come below
"This is a conservative guidance issue," said Rich Tullo, an
analyst with Albert Fried & Company.
Shares of Pandora Media closed up 5.4 percent at $9.45 but
shed 20 percent after the results were released.
(Reporting By Jennifer Saba in New York; Editing by Bernard