Pandora is down almost 8% in after-hours trading after mildly disappointing Q2 results.
Pandora lost 12 cents per share, excluding certain items, slightly better than analyst estimates of a 14 cents-per-share loss. But the music streaming company only generated $343 million in revenue, missing analyst estimates of $351.3 million.
Pandora also lowered its revenue guidance for Q3, expecting revenue between $360 million and $370 million, below the $378 million expected by analysts.
Prior to reporting its results, Pandora’s stock had spiked as much as 10% after a Wall Street Journal report that Pandora’s board rejected an offer to sell itself for $15 dollars a share, a deal that would have valued the company at over $3.4 billion.
The offer came from Liberty Media CEO Greg Maffei, whose company controls Sirius XM, but was more of a “fishing expedition” than a formal offer, sources told the Journal. Pandora’s board “rebuffed the advance,” primarily because it believes the company’s value is closer to $20 per share.
Here is a chart of Pandora’s up and down day of trading: