Pandora Soars After Q4 Earnings
Shares of Pandora Media (NYSE: P) are soaring in Thursday's after-hours trading session after the company released bullish fiscal fourth-quarter results. At last check, the stock had jumped around 22 percent in after hours trading to $14.30.
The company reported a loss for the quarter of $14.6 million or $0.09 per share, compared to a loss of $8.18 million or $0.05 per share, in last year's corresponding quarter. On an adjusted basis, the loss was $0.04 per share, which beat analysts' consensus EPS estimates calling for a loss of $0.05.
Ad sales in the period were up 51 percent to $109 million while royalty payments rose 59 percent to $77 million.
Net revenue for the quarter climbed 54 percent to $125.1 million, beating Wall Street consensus expectations of $122.8 million.
At the end of last month, Pandora had 67.7 million active listeners, which amounted to around 8.5 percent of the domestic radio market.
Interestingly, Pandora said that its CEO and Chairman Joe Kennedy would be stepping down. He will remain on as chairman while the company searches for a replacement.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.