Market Overview

Pandora Shares Decline After Q1 Results


Shares of Pandora Media Inc (NYSE: P) dropped more than 3 percent in after-hours trading after the company reported result for the first quarter.

The Oakland, California-based company reported a quarterly loss of $48.3 million, or $0.23 per share, versus a year-ago loss of $28.9 million, or $0.14 per share. Its adjusted loss came in at $0.12 per share.

Its revenue climbed around 19 percent to $230.8 million. However, analysts were expecting a loss of $0.16 per share on revenue of $224.56 million.

Advertising revenue climbed 27 percent to $178.7 million, while mobile revenue jumped 23 percent to $181.1 million. Local advertising revenue surged 67 percent to $43.3 million.

In the first quarter, total listener hoursclimbed 11 percent to 5.3 billion, from 4.80 billion, in the year-ago period.

At the end of the quarter, active listeners totaled 79.2 million, versus 75.3 million for the year-earlier period.

The company ended the quarter with $481.3 million in cash and investments, versus $458.8 million at the end of the earlier quarter.

The average estimate among 45 Estimize users was for a loss of $0.14 per share and revenue of $226.10 million.

"We've been actively investing in every part of our business - from the music we play, to the ad technology and music maker products we offer. This quarter's results are a reflection of those investments paying off," stated Brian McAndrews chairman, president and CEO of Pandora. "In a time when listeners and brand partners have more choices than ever, listener hours grew, local advertisers increased their spending with us and we continued to advance our lead in digital audio by generating more demand and strong sell through."

For the second quarter, Pandora expects revenue of $280 million to $285 million and adjusted earnings before interest, taxes, depreciation and amortization of $8 million to $13 million. The company also expects full year revenue of $1.16 billion to $1.18 billion and adjusted EBITDA of $75 million to $85 million. Analysts had projected Q2 revenue of $281.6 million and full-year revenue of $1.16 billion.

Pandora shares fell 3.22 percent to $17.14 in the after-hours trading session.

Posted-In: lossEarnings News Guidance


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