Shares of Pandora P are sharply selling off after the company announced slower than expected growth metrics.
Total listener hours grew 29 percent compared to the same period last year on just 7.5 percent more active listeners. This brings the totals to 5.04 billion and 76.4 million, respectively. Pandora’s total market share for radio listen increased from 7.04 percent to 8.9 percent over the course of a year.
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Revenue jumped by 38 percent year over year to 218.9 million, beating Wall Street’s estimate by 0.2 percent. Growth was driven by mobile adoption, which saw a 51 percent jump. The company’s efforts to push local, higher-paying advertising seem to have paid off with 114 percent growth.
Earnings beat the official analyst estimate by $0.01 per share at $0.04. However, earnings are inline with the whisper figure.
Looking forward, Pandora increased its full year sales expectations from the range from $880 million - $900 million to $895 million - $915 million. EPS was boosted by 9.4 percent to the range of $0.16 to $0.19.
Shares of Pandora were last trading at $25.20, down 12.26 percent from Thursday’s close.
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