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Why Pandora (P) Stock Is Down Today

NEW YORK (TheStreet) -- Pandora (P - Get Report) shares are plummeting, down -15% to $23.96 on Friday, following the release of the company's first quarter earnings report.

Despite posting positive revenue estimates that beat analysts estimates by $5 million, and earnings that beat Wall Street estimates by 1 cent, the company's shares have taken a dip due to disappointing second quarter guidance.

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The company lowered its guidance for the current quarter to between break even and 3 cents per share, falling short of analysts consensus 5 cents per share estimate. 

The company reported a first quarter 69% increase in marketing spending to $61.9 million, while the cost of the content the internet radio service broadcasts increased by 26%.

Pandora is currently embroiled in a copyright infringement lawsuit brought by several major record labels, including Sony Music (SNE - Get Report), Universal Music (VIV - Get Report) and Warner Music (TWX - Get Report), who accuse the company of failing to pay for content produced before 1972.

P Chart

P data by YCharts

Must Read: Why Weatherford International (WFT) Stock Is Up Today

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P $21.98 0.00%
SNE $26.33 0.00%
VIV $10.01 0.00%
TWX $71.41 0.00%
AAPL $112.10 0.71%


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

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