Pandora stock fell more than 28 percent to $13.75 in after-hours trading Thursday following a poorly received third quarter earnings report.

The ad-supported Internet radio company delivered several bitter pills to investors and admitted it got dinged by customers sampling Apple's launch of rival Beats One, along with the launch of its subscription streaming service, which was on a free trial during the quarter.

Chief Executive Officer Brian McAndrews said that he doesn't expect any long-lasting damage from Apple's rival radio service.

Pandora also confirmed an Oct. 14 that it will pay $90 million to settle royalty payment on pre-1972 music releases, which are not covered by copyright law.

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