NEW YORK (TheStreet) -- Shares of Pandora Media (P) are falling by 15.32% to $16.25 in after-hours trading on Thursday, following the release of the music streaming service company's 2015 third quarter earnings results, which fell short of analysts' expectations.

The company reported a net loss of 40 cents per share on total revenue of $311.6 million for the period ending September 30.

Analysts surveyed by Thomson Reuters were expecting Pandora to post earnings of 10 cents per share on revenue of $312.8 million for the most recent quarter.

Pandora's listener hours for the period grew by 3% year over year to 5.14 billion. Active listeners increased to 78.1 million versus the 76.5 million reported for the 2014 third quarter.

"Pandora exited Q3 with strong financial results. In a quarter where a large new entrant came into the music streaming landscape and over a hundred million dollars in combined marketing was spent across the sector to drive awareness of a multitude of offerings, Pandora more than held its own for users and hours growth," company CEO Brain McAndrews said in a statement.

Separately, TheStreet Ratings team rates PANDORA MEDIA INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

We rate PANDORA MEDIA INC (P) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: P

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