Why Pandora (P) Is Plunging Today

NEW YORK (TheStreet) -- Pandora (P) is plunging after its latest audience metrics indicate slowing listener hour growth.

By midmorning, shares had taken off 6% to $37.06.

The internet radio provider said listener hours for February were 1.51 billion, an increase of 9% on the year-ago period. However, that came in at a slower pace of growth than in December and January which both saw increases of 13%.

The company ended February with 75.3 million active listeners, an 11% increase, but less than 13% and 12% in December and January, respectively.

The Oakland, Calif.-based business also said it will discontinue its monthly disclosure of audience metrics in June 2014 (covering May's numbers).

"Given recent changes in the marketplace, including Triton Digital's Webcast Metrics Local recently achieving Media Rating Council Accreditation, Pandora believes advertisers can now access the necessary tools to make accurate side-by-side comparisons," the company said in a statement.

Must Read: Warren Buffett's 10 Favorite Dividend Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Alphabet Shares Gain as Investors Shrug Off Google Spending Spree After Solid Q1

Alphabet Shares Gain as Investors Shrug Off Google Spending Spree After Solid Q1

SAP Shares Leap After Cloud Business Prompts Full-Year Profit Guidance Hike

SAP Shares Leap After Cloud Business Prompts Full-Year Profit Guidance Hike

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns

Apple Suppliers Slide After European, Asian Chipmakers Echo Smartphone Concerns

Alphabet, Caterpillar, Coca-Cola and Amazon - 5 Things You Must Know

Alphabet, Caterpillar, Coca-Cola and Amazon - 5 Things You Must Know

Global Stocks Edge Higher, But Bond Yields, Oil Prices May Test Market Strength

Global Stocks Edge Higher, But Bond Yields, Oil Prices May Test Market Strength