SAN FRANCISCO: Internet radio service Pandora Media Inc said on Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations, and its shares slumped 5%.
The company also backtracked on a 40-hour monthly limit on free music streaming that was announced just six months ago, a measure originally implemented to control rising costs. Pandora said it will lift the monthly cap September 1 after watching its margins improve.
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