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Online radio service Pandora saw its value decline 36 percent on Friday after it released its third quarter results. TechCrunch said the company posted an USD86 million loss. Although it had met market estimates, the USD311.6 million revenue was lower than estimates of USD313 million, the tech site said. The company also lowered its projections for the 2015 fiscal year at USD1.153 billion to USD1.158 billion.
According to Pandora CEO Brian McAndrews, the company experienced a decline in active users during the third quarter, thanks to Apple Music.
"This was obviously a unique quarter in the streaming music business. The June 30, launch of Apple Music with its 3-month free trial, as well as significant category spending and trial offers across multiple players, brought increased focus to the broader on-demand category during this period," McAndrews said.
The 36 percent stock price loss resulted to the decline in Pandora’s market valuation by USD1.4 billion. At the end of trading day, Pandora closed at USD12.39 per share, the lowest in over 2 years, the New York Times said.
