Shares of Pandora Media (P) fell up to 18% in after hours trading . The internet radio company reported its third quarter results of its fiscal 2013 after the market close on Tuesday.
Third Quarter Results
Pandora reported third quarter revenues of $120.0 million, up 60% on the year before. Growth was driven by mobile revenues which rose 112% to $73.9 million. Revenues beat analysts consensus of $117 million.
Pandora generates the majority of its revenues from advertising, for a total of $106.3 million. This is up 61% on the year before. Subscription revenues rose 52% to $13.7 million.
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