Pandora Media Inc., the Internet radio service said to be exploring a sale, reported fourth-quarter revenue that missed analysts’ estimates amid mounting competition from Apple Inc. and Spotify Ltd.
Sales were $336.2 million, Oakland, California-based Pandora said Thursday in a statement. That compared with projections of $341.6 million, the average of analysts’ estimates compiled by Bloomberg. Profit excluding certain items totaled 4 cents, trailing projections of 6 cents.
This year, sales will be $1.4 billion to $1.42 billion, the company said, below analysts’ estimates of $1.467 billion.
Active listener hours, a closely watched measurement that investors see as an indicator of future profits, totaled 81.1 million in the fourth quarter, compared with 81.5 million a year earlier.