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 (

TheStreet

) --

Pandora

(P)

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

Nasdaq.com

.

Pandora is looking towards automobiles and mobile for growth.

It has recently struck recent deals with automakers including

Toyota

(TM) - Get Report

,

General Motors

(GM) - Get Report

and

Hyundai

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

Google

(GOOG) - Get Report

,

Amazon

(AMZN) - Get Report

and

Apple

(AAPL) - Get Report

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

>To follow the writer on Twitter, go to

http://twitter.com/Ozoran

.

>To submit a news tip, send an email to:

tips@thestreet.com

.