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Pandora’s listening hours, revenue and earnings are up, but shares are down

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The numbers: The music streaming company reported a 52% jump in fourth-quarter revenue of $200.4 million, and it eked out a quarterly profit of $8.9 million, or $0.05 per share. But although Pandora Media’s shares have strongly outperformed the broader market over the past year, they dropped 9% in after-hours trading following the company’s forecast for full-year revenue of between $870 million and $890 million in 2014—numbers that underwhelmed investors.

The takeaway: Advertising revenue was up 39% to $162 million. Subscription revenue was up 132% to $38.8 million. But content acquisition costs were also up 30%, to $93.6 million.

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What’s interesting: In 2013, total listener hours increased 23% to 16.7 billion.

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