Amazon Starts Music Streaming Service Without Universal
Photograph by David Paul Morris — Bloomberg via Getty Images

Pandora Media Suffers Its Third Straight Quarterly Loss

Oct 25, 2016

Music streaming service Pandora Media cut its full-year revenue forecast and reported lower-than-expected quarterly results amid intense competition.

The company's shares were down 5.5% in after-hours trading on Tuesday.

Pandora (p) cut its full-year revenue forecast range to $1.35 billion to $1.37 billion, from $1.39 billion to $1.41 billion.

Analysts on average were expecting full-year revenue of $1.40 billion, according to Thomson Reuters.

Pandora, which launched a new ad-free subscription service called "Pandora Plus" last month, faces competition from Sweden's Spotify, Apple's Apple Music (aapl), Google's Play Music (googl), and's Amazon Music Unlimited (amzn).

Pandora said on Tuesday it had 77.9 million active users in the third quarter, down from the 78.1 million in the second quarter, with total listener-hours of 5.4 billion.

Analysts on average had expected 78.5 million active listeners and 5.5 billion listener-hours, according to market research firm FactSet StreetAccount.

Spotify's chief executive, Daniel Ek, said last month that his service now had 40 million paying subscribers.

Apple said in September that Apple Music had about 17 million subscribers, up four million since April.

Get Data Sheet, Fortune’s technology newsletter.

Pandora said ad revenue rose 7.5% to $273.72 million in the quarter, accounting for 77.8% of total revenue.

The company's net loss narrowed to $61.5 million, or 27 cents per share, in the third quarter ended Sept. 30, from $85.9 million, or 40 cents per share, a year earlier.

Excluding items, Pandora lost seven cents per share.

Pandora's revenue rose to $351.9 million from $311.6 million.

Analysts on average had expected a loss of six cents per share and revenue of $366.3 million, according to Thomson Reuters (tri).

Up to Tuesday's close at $12.18, Pandora's shares had fallen 9.2% since the start of the year.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions