NEW YORK ( TheStreet) -- Shares of Pandora Media ( P) fell in late trades on Tuesday despite the digital radio company turning in a surprise adjusted profit in the latest quarter. Oakland, Calif.-based Pandora said its non-GAAP profit came in at $3.3 million, or 2 cents a share, for the three months ended Oct. 31 with revenue totaling $75 million. The average estimate of analysts polled by Thomson Reuters was for a loss of a penny per share in the company's fiscal third quarter on revenue of $71.4 million. Total listener hours came in at 2.1 billion for the quarter, up more than 100% from last year's equivalent period. "Rapid growth of 104% year-over-year in listener hours and record Internet radio market share growth to 66% illustrates the strong demand for personalized radio," said Joe Kennedy , the company's chairman, president and CEO, in a statement. "Our growing scale and powerful, multi-product advertising platform is enabling Pandora to increasingly penetrate areas that were once solely served by terrestrial radio."
The stock was last quoted at $11.40, down 3.8%, on after-hours volume of nearly 200,000, according to Nasdaq.com. Pandora went public in mid-June, selling nearly 15 million shares at $16 each, a level that was well above both the company's original projected range of $7-$9 per share and its revised range of $10-$12 per share. The company's outlook may be fueling the pullback in the extended session as Pandora, which also delivered a profit in its fiscal second quarter ended in July, its first-ever report as a public company. Pandora forecast a non-GAAP loss of between 2 and 4 cents a share for the fourth quarter ending in January on revenue of $80 million to $84 million. The current average analysts' estimate is for a loss of 2 cents a share on revenue of $82.3 million in its fourth quarter.