NEW YORK (Hypebot) – Pandora's stock [NYSE: P] fell 36% on Friday closing down $6.94 at $13.35 , as investors reacted to new losses, increasing costs, slow listener growth and growing competition at the most listened to music streamer in the United States.
Pandora stock fell 35.64% by 1PM on Friday as investors reacted to another bad earnings report and slowing listener growth amidst increased competition. The company reported a third quarter loss of $85 million or 40 cents a share.
Pandora reported impressive revenue growth of 30% to #11 million. But customer acquisition costs have more than doubled, and those new customers are coming in slowly. Pandora listener growth is now only in the 2-3% range.
In the next fourth quarter, Pandora forecast revenue of $325 million to $330 million, less than $351.5 million estimated by analysts.