Pandora, Netlist, TiVo: After-Hours Trading

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.

Netlist

Shares of Netlist ( NLST) tumbled in the extended session after the Irvine, Calif.-based memory chips said in a regulatory filing that it's selling $10 million worth of common stock under its existing shelf registration statement through an "at the market" offering.

The stock was last quoted at $2.82, down 8.7%, on volume of more than 50,000, according to Nasdaq.com.

It's been a volatile stretch for Netlist over the past few weeks as the shares scraped a 52-week low of $1.04 on Oct. 4 then rallied up to peak levels for the past year, reaching $3.96 on Nov. 18.

The impetus for the investor interest was the company's third-quarter report, issued after the closing bell on Nov. 10. Netlist posted a narrower than expected loss, reported a year-over-year revenue increase of more than 50% to $16.3 million, and said it broke even on an adjusted EBITDA basis.

The shares jumped 16% on Nov. 11, the first trading session following the report, and rose for five days in a row on much heavier than usual volume.

Another stock seeing trading interest in the after-hours session was TiVo ( TIVO), which rose 5% to $10.05 on volume of more than 100,000 after the television recording product maker posted a narrower than expected quarterly loss and delivered its first increase in total subscriptions in four years.

-- Written by Michael Baron in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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