Pandora Falls as Sales Hiring Will Crimp Quarterly Profit
This article is for subscribers only.
Pandora Media Inc., the biggest online radio service, fell the most in more than eight months after forecasting third-quarter profit that will miss analysts’ estimates as the company invests to expand its sales staff.
Pandora dropped 13 percent to $18.91 at the close in New York for the biggest decline since Dec. 5, after issuing its forecast yesterday. The shares, which have more than doubled this year, led decliners in the Russell 1000 Index.