Reuters: Technology News: Pandora earnings forecast disappoints, shares drop

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Pandora earnings forecast disappoints, shares drop Aug 22nd 2013, 20:43 SAN FRANCISCO | Thu Aug 22, 2013 4:43pm EDT SAN FRANCISCO (Reuters) - Internet radio service Pandora Media Inc (P.N) said on Thursday that rising expenditures to acquire music and compete with rivals would push fiscal 2014 earnings below analyst expectations, and its shares slumped 5 percent. Excluding certain items, Pandora said it expected to earn between 0 and 5 cents per share for the year. That was below the 5-cent profit expected by analysts polled by Thomson Reuters I/B/E/S. Shares fell 5 percent to $20.50 in extended trade. For the quarter ending in June, Pandora exceeded expectations, posting revenue of $162 million, a 58 percent rise, as it continued to pick up listeners. Pandora's shares, which fluctuated wildly for the first year after its June 2011 initial public offering, had surged to new highs in 2013, closing on Wednesday at $21.71. Chief executive Joe Kennedy has been wrestling with narrow margins and rising competition from rivals such as Spotify. (Reporting by Gerry Shih. Editing by Andre Grenon) Link this Share this Digg this Email Reprints

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