An earlier version of this article published at 4:58 p.m. ET incorrectly stated the company reported an adjusted loss of 2 cents a share, instead of a profit.
NEW YORK (
shares lost ground in late trades Tuesday after the company reported a doubling of its revenue in the latest quarter but gave a muted outlook.
Revenue for the online radio company grew 99% to $75 million in its October-ended fiscal third quarter. Pandora's adjusted profit came in at 2 cents a share. Analysts were looking for revenue of $71 million and a loss of 1 cent per share.
Total listener hours for the period also doubled to 2.1 billion.
For the current quarter ending in January, Pandora forecast an adjusted loss ranging from 2 to 4 cents a share on revenue of $80 million to $84 million. Wall Street's current consensus view is for a loss of 2 cents a share in the fiscal fourth quarter on revenue of $82.3 million.
The stock was last quoted at $11.49, down 3%, on after-hours volume of more than 200,000, according to
Pandora is looking towards automobiles and mobile for growth.
It has recently struck recent deals with automakers including
to integrate its music service within the dashboard of new models.
Pandora's usage on smartphones, tablets and other mobile devices comprises 70% of its overall usage, CEO Joe Kennedy said during a conference call with analysts.
Despite competition from tech giants like
which have all launched their own music offerings within the last year, Pandora has seen "no impact" from users adopting other services, Kennedy said.
--Written by Olivia Oran in New York
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