This is the fastest pace at which Pandora Media Inc (NYSE:P) stock has declined in 16 months, according to the Financial Times. The streaming radio provider has posted solid revenue growth of more than 50% year over year for the last several quarters. However, the company said sales in the current quarter wouldn’t meet that pace. Pandora forecast an up to 38.5% gain, which would bring its second quarter revenue to $218 million.
Analysts trim estimates for Pandora
RBC Capital Markets analysts cut their 2015 estimates for Pandora Media Inc (NYSE:P) after the company posted its results. They noted that the guidance suggests “substantial, and somewhat hard to believe” deceleration in revenue growth. Analyst Mark Mahaney also said the guidance “introduces some uncertainty” but that guidance for the full year is still “robust.” Pandora did beat expectations for revenue in its latest earnings report.
Other stocks slump with Pandora
In addition to Pandora Media Inc (NYSE:P), several other technology stocks slumped today. Facebook Inc (NASDAQ:FB), Tesla Motors Inc (NASDAQ:TSLA), and Amazon.com, Inc. (NASDAQ:AMZN) stock each fell by nearly 4%, while shares of Netflix, Inc. (NASDAQ:NFLX) skidded more than 5%. Microsoft Corporation (NASDAQ:MSFT) was one of the standouts in the technology sector today, rising as much as 2% on last week’s strong earnings results.
Some blame Ukraine
Several analysts have said that the crisis in Ukraine is weighing on the markets, especially momentum stocks, many of which are in the technology sector. In general, equity markets in the U.S. have slumped even though the consumer confidence reading was better than expected. The crisis in the Crimean region appeared to heat up going into the weekend and doesn’t seem any closer to a resolution.
The NASDAQ Composite index (NASDAQ Indices: .IXIC) fell some $35 or .87% to $4,040.17. The S&P 500 index (S&P Indices: .INX) fared a bit better, declining by about $5 or .27% in afternoon trading. The Dow Jones Industrial Average 2 Minute (Dow Jones Indices: .DJI) actually rose nearly $4 or .02% in afternoon trades.