Pandora forecasts a loss, sparks sell-off
Shares of Pandora Media Inc. fell Tuesday and Wednesday as the online radio company predicted a loss in the fourth quarter. Pandora had $120 million in third-quarter revenue, up 60 percent from a year earlier, and net income of $2.1 million, or 1 cent a share. But it lowered expectations for the fourth quarter and fiscal year, warning of a loss of 6 to 9 cents a share. The company anticipates a drop in advertising in January because of concerns about the economy.