Pandora Stock Falls On News Of Dept. Of Justice Review, Slowing Growth
UPDATED: Pandora (NYSE: P) stock struggled on Wednesday after the company announced new metrics for May that showed listener growth slowing. Shares fell 2.4% to $24.03 in morning trading. But the real reason for caution on Wall Street is the announcement of a Department of Justice review of antiquated digital music rulings that, if revised, could mean higher payment for the music streamer.
As previously announced, this marks Pandora's final monthly metrics release. The music streamer will provide listener metrics on a quarterly basis.
- Listener hours during the month of May 2014 were 1.73 billion, an increase of 28% from 1.35 billion during the same period last year.
- Share of total U.S. radio listening for Pandora in May 2014 was 9.13%, an increase from 7.29% at the same time last year.
- Active listeners were 77.0 million at the end of May 2014, an increase of 9% from 70.8 million during the same time period last year.