But Chief Financial Officer Mike Herring says he isn't worried about Apple's long-rumored Pandora rival, dubbed iRadio.
"We’re waiting, like the rest of you, to find out what they’re going to do,” he said in remarks at the
Shares of Pandora fell 5.5% on Tuesday. The Oakland company's stock has fallen more than 15% since Friday to $14.38.
Herring noted that rumors earlier this year that
However, he said, fears subsided when Google actually launched the service and it was easier to point out the differences between
"It hasn't dented the perception of where our business can go," he said.
The Los Angeles Times, among other media outlets, have reported that Apple has reached accords with Warner Music Group and Universal Music Group. The main holdout is Sony/ATV.