Pandora Down 24% After Missing Earnings Estimates

Shares of Pandora Media

are down 24% after the company missed earnings estimates yesterday. Total Revenue: For the fourth quarter of fiscal 2012, total revenue was $81.3 million, a 71% year-over-year increase. Advertising revenue was $72.1 million, a 74% year-over-year increase. Subscription and other revenue was $9.2 million, a 51% year-over-year increase. For the fiscal year 2012, total revenue was $274.3 million, a 99% year-over-year increase. Total advertising revenue was $240.0 million, a 101% year-over-year increase. Total subscription and other revenue was $34.3 million, an 87% year-over-year increase. Net Loss per Share: For the fourth quarter of fiscal 2012, on a GAAP basis, net loss per share was ($0.05). Non-GAAP net loss per share was ($0.03), excluding approximately $3.4 million in stock-based compensation. Both GAAP and non-GAAP calculations are based on 162.3 million weighted average basic shares outstanding and assume minimal tax expense due to our net operating loss position. For the fiscal year 2012, on a GAAP basis, net loss attributable to common shareholders per share was ($0.19). Non-GAAP net loss per common share was ($0.02), excluding approximately $13.7 million in stock-based compensation and warrant remeasurement expenses. GAAP and non-GAAP calculations are based on 106.0 million and 158.3 million weighted average basic common shares outstanding, respectively, and assume minimal tax expense due to our net operating loss position.