Pandora Stock Rises On Strong Earnings Report
OAKLAND (CBS/AP) – Internet radio company Pandora reported higher-than-expected revenue in the latest quarter, with losses in line with analysts’ forecasts, as the number of subscribers who pay for ad-free listening rose above 2.5 million.
The net loss in the three months ending April 30 grew to $28.6 million, or 16 cents per share, from a loss of $20.2 million, or 12 cents per share, a year ago.
Excluding items such as stock-based compensation costs, the loss came to 10 cents per share, matching the forecast of analysts polled by FactSet.
Revenue rose 55 percent to $126 million, above the $124 million that analysts were looking for.
Pandora Media Inc.’s stock rose nearly 9 percent after the results came out.
Total listener hours grew 35 percent to 4.18 billion in the quarter.
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