Pandora shares plummet after hours on weak outlook

* Updated from Eric – According to Digital Music News, during the three-month fiscal period ending Halloween, the publicly-traded Pandora posted revenues of roughly $120 million, a 60% gain over the same period last year. And, earnings gained 221% – ie, more than triple – to $2.1 million. Other areas were also booming: mobile revenue gained 112% to $73.9 million, total listener hours gained 67 percent to 3.56 billion, and active users gained 47% to 59.2 million.

From CNET:

Pandora Media, the company behind the Web’s largest radio service, saw its share price drop nearly 20 percent in after-hours trading this evening.

The company’s dismal forecast spooked Wall Street, which was already growing skeptical of the company’s business model. Pandora shares declined 18 percent, or $1.71, to $7.74. When Pandora went public earlier this year, the company’s shares changed hands at more than $16.

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