lucas shaw covers the company for us from los angeles. s a really interesting quarter from pandora. stock is reacting huge. i feel like the issue has always been the same, the content is too expensive and pandora can't get around that. >> it seems like pandora can't win. if you look at every earnings report in 2014, they had a sharp decline after each one. this time, i don't know that content costs were the issue or it may be some of the analysts were saying you were referencing analysts' notes earlier. what people seem to be responding to our one, their revenue and profit missed forecasts, and two, their guidance for next year was not as good as they had hopes because they said they were going to reinvest all profit in operations, which means nothing returning shareholders, and analysts did not like that. there is a lot of uncertainty about future costs. pandora has worked hard to cut the percentage of costs respective to revenue. there is this ruling by the copyright ratings board hanging out there that is supposed to come down at the en

. >> lucas shaw, an interesting report.hat is the future of here is a hint that may include some self driving cars facing challenges and regulators next on bloomberg west. ♪ >> this is "bloomberg west." i am cory johnson. >> technology and transportation go hand in hand. it's a thing that changes the way i walk into work. 30 years from now cities are going to be very different and transportation is going to respond. the topic, future transportation. take a listen as they speak about what regulators can do to encourage new technology. >> one as technology is being incubated, we need to find ways to be at the table with the idea creators so that we can help you shape those technologies in ways that actually gain faster approval into the marketplace. we have to look at our own regulatory framework. this is not only at the federal levels but at the state and local level, to make sure we are being as flexible and adaptive as we can be. that is what the future is demanding. our transportation system isn't the old system that it u