Pandora Media Inc. Spikes On Reported Local Ad Growth

Pandora Media Inc.

spiked on a report that its fourth-quarter revenue from local advertisers increased as much as 93 percent from a year ago and showed a sequential improvement. The San Francisco market research concern OTR Global cited its checks with U.S. digital and local media buyers for the figure, according to a report Friday by Bloomberg. The growth rate would represent a slowdown from the third quarter ended Sept. 30, when Pandora's local advertising revenue grew 118 percent to $41.8 million. Total third-quarter revenue grew 42 percent to$239.6 million. Padora traded recently at $17.04, up 7 percent. Fears of slowing subscriber growth have sent Pandora shares sharply lower in recent months.