Pursuits
Pandora Plunges Most Since IPO on Weaker Revenue Outlook
- Growth in listener hours slows as Apple Music `takes toll'
- Shares now trading below $16 initial offering price from 2011
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Pandora Media Inc. plummeted the most since going public in June 2011 after issuing a sales forecast that fell short of analysts’ estimates and recording charges of $81.8 million to settle legal disputes with the music industry.
The shares dropped 35 percent to $12.39 at the close in New York. Pandora has declined 31 percent this year.