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.
Pandora reported net income of just over $2 million, or a penny a share, on sales of $120 million in its fiscal third quarter, which ended Oct. 31. That … Read more