Internet radio company Pandora Media, Inc. missed analyst projections in its second quarter financials Thursday as the company continued to lose listeners.

Pandora reported consolidated revenue of $343 million for the quarter, up 20 percent over the same quarter of 2015, but short of analyst projections of $351.7 million and Pandora’s own guidance of $345 million to $355 million for the quarter.

Revenue for its core internet radio service came in at $320.3 million, up 12 percent year-on-year, while advertising revenue was $265.1 million, up 15 percent versus Q2 2015; subscription and other revenue was booked at $55.1 million, up 1 percent from last year, and ticket service revenue came in at $22.8 million, up a solid 20 percent compared to the same quarter of 2015.

Pandora continues to bleed money with the company reporting a GAAP net loss of $76.3 million in the second quarter compared to a net loss of $16.1 million in the same quarter last year, with an adjusted EBITDA loss of $25.1 million compared to a profit of $16.3 million in Q2 2015.

The loss equated to 12 cents a share, smaller than the 15-cent average loss projected by analysts.

“We are making strong progress on Pandora’s transformation into a complete music marketplace,” Pandora Founder and Chief Executive Officer Tim Westergren said in a statement. “We made considerable progress on our product development plans while also improving margins sequentially. Pandora plans to deliver a powerfully differentiated music experience to accelerate growth and deliver value to listeners, music makers, advertisers and ultimately shareholders.”

Pandora said it expected revenue in the third quarter of $360 million to $370 million with adjusted EBITDA ranging from a $5 million loss through to a $5 million profit.

The company revised its full-year guidance as well and said it expected to deliver revenue in the range of $1.385 to $1.405 million on an adjusted EBITDA loss of $70 million to $50 million.

Rejected offer

Pandora’s financials came at the same time it was reported that the company rejected an acquisition offer from Liberty Media Corp., the owners of the Sirius XM Holding satellite radio group.

According to The Wall Street Journal Liberty offered $15 a share for Pandora, a price Pandora’s board rejected because they believed it to be too low.

The same report claims that Pandora has continued to look for a buyer and had shopped itself to Apple, Inc. and Amazon.com, Inc. without success; reports that Pandora was looking for a buyer first emerged following its Q4 2015 financials in February.

Shares in Pandora dropped to 7.42 percent to $11.11 in after-hours trading on the back of the poor financials and well below the price offered to it by Liberty Media.

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