(Reuters) – Pandora Media Inc forecast current quarter adjusted profit below analysts’ estimates as it plans to plow money back into the business. Analysts on average were expecting an 8 cents per share in profit on revenue of $234.6 million, according to Thomson Reuters I/B/E/S. Pandora Chief Financial Officer Mike Herring said in an interview that adjusted profit forecast was because the company plans to “reinvest aggressively.” Pandora faces stiff competition from Spotify, Apple Inc’s Beats online streaming service, Google Inc and Amazon.com Inc in the fast-growing music streaming business as downloads decline. “That said, there has been for years and we have continued to grow market share.” Advertising revenue, where Pandora makes the bulk of its money, jumped 39 percent to $177.3 million in the second quarter helped by strong mobile advertising revenue growth.
Pandora Media profit forecast below analysts’ estimates, shares fall
25
Jul
2014
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