SAN FRANCISCO (Hypebot) – Pandora stock fell as much as 26% in after hours trading Thursday, on news that the music streamer's earnings missed Wall Street expectations and the company's own guidance. Pandora's revenue and listener growth both slowed somewhat, but for the first time surpassed 1 billion song streams per day on select days, grabbing an impressive 79.2% of the overall internet radio market.
Earnings highlights reported on Thursday afternoon:
During the earnings call, Pandora executives promoted the potential of such a large set of data for both artists and brands. While direct deals with rightsholders were mentioned along with a "strong royalty proposal to the Copyright Royalty Board," no mention was made of several looming lawsuits and growing pro-artist sentiment in Washington D.C. that could mean higher royalty bills for Pandora in the future.