NEW YORK (TheStreet) -- Shares of Pandora Media (P) were falling 7.22% to $11.30 in after-hours trading on Tuesday after the music streaming service posted lower-than-expected results for the 2016 third quarter and gave a weak revenue outlook.
Following today's market close, the Oakland, CA-based company reported an adjusted loss of 7 cents per share, wider than analysts' forecasts for a loss of 6 cents per share.
Revenue climbed 13% year-over-year to $351.9 million, but fell short of Wall Street's estimates of $366.2 million.
The company had 77.9 million active listeners in the quarter. Analysts surveyed by FactSet projected 78.5 million active listeners.
Total listening hours were 5.4 billion during the period, up 5% year-over-year. Analysts were looking for 5.5 billion listening hours, according to FactSet.
For the fourth quarter, the company expects revenue between $362 million and $374 million vs. analysts' projections of $392 million.
For the full year, Pandora estimates revenue in the range of $1.35 billion and $1.37 billion, compared to the company's prior outlook of $1.39 billion to $1.41 billion. Wall Street is modeling revenue of $1.40 billion for 2016.
More than 11.91 million shares of Pandora traded today vs. its 30-day average volume of 5.31 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: P