Pandora Falls After In-Line Q3 Results
Pandora (NYSE: P) is down more than four percent after the company reported its third quarter results.
The company's Q3 EPS came in at $0.06 -- in-line with Wall Street's estimate.
Earnings per share were up 20 percent from the year-ago period.
Revenue arrived at $180.4 million versus the Street estimate of $174.76 million. Sales were up 50 percent year-over-year.
"Pandora continues to monetize effectively across the board," Brian McAndrews, CEO, President and Chairman of Pandora, said in a company release. "Mobile advertising revenue surpassed the $100 million milestone during the quarter, which drove increased operating leverage.
"At the same time, Pandora continues to lead the market in mobile innovations, with a complete redesign for the iPad and the debut of the Android tablet app. We plan to continue to aggressively invest in the business as we seek to deliver the best personalized radio service for users.”
In October, Google (NASDAQ: GOOG) announced that Pandora would be the newest app in the Chromecast family. Pandora is also the first music service to come to Chromecast, beating competitors like Microsoft's (NASDAQ: MSFT) Xbox Music and Spotify.
Year-to-date, Pandora shares are up nearly 200 percent.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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