Shares in internet music streaming company Pandora Media were headed for a pounding today after the company disappointed revenue forecasts and issued a downbeat outlook.
Shares in Pandora were down by as much as 27% in pre-market trading.
The New York-listed company also reported a decline in the number of hours listeners spent on its platform.
Total listener hours were 5.15 billion for the third quarter of 2017 versus 5.40 billion for the same period of 2016.
Total third-quarter revenues came in at $378.6m, an 8% year-on-year increase. However, advertising revenue was virtually stagnant, edging up just 1% to $275.7m.
Losses widened year-on-year, with the company reporting a GAAP net loss of $66.2m, up from $61.5m.
“We have significant scale, distribution and products that deliver a superior listening experience. We will leverage these strengths to become a more integral part of our listeners’ lives and reinforce our position as the definitive source for audio advertising,” said Roger Lynch, president and chief executive of Pandora.