The most widely known company in the internet �radio� space continues having mixed financial results.� TheAPon Thursday reported the latest numbers for Pandora:
- � �� � �Revenue in the third quarter was $311.6 million, a 30 percent year-over-year increase
- ��� � ��Advertising revenue in the third quarter was $254.7 million, a 31 percent�year-over-year increase
- �� � � � �Subscription (and other) revenue was $56.9 million, a 26 percent�year-over-year increase
- ��� � ��Those facts aside, the company posted a loss of $85.9 million in the third quarter.
�Pandora shares have risen roughly 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.22, a decrease of 15 percent in the last 12 months,� according to AP.� The stock lost over�20 percent�in the hours after the market closed, and continued to fall through the night. On Friday morning, the stock was down more than�30 percent�pre-market.
Two days after Pandora announcedits third�quarter loss,Apple CEO Tim Cook announced Apple Music has 6.5 million paying subscribers, and 8.5 million taking part in afree,three-month trial.
�The war of the music streaming services is heating up, and Pandora is shaping up to be a big loser once the dust settles,� according todigitaltrends.com.� �Pandora�s murky future, especially now that Apple Music has burst onto the scene, is underscored by its shrinking number of �active listeners.� The company finished the third quarter with 78.1 million active listeners, which is down from the 79.4 million active listeners it had before Apple Music launched.�