Pandora [P] Stock Up Despite Mixed Earnings, User Report
Pandora stock rose as much as 7% in after hours trading Wednesday, after the streamer beat Wall Street expectations in a key metric. Overall revenue grew $395 million, beating analyst predictions of $376 million. On Thursday, pre-market trading priced the stock up a 5.34%
Overall, however, Pandora's report to investors was far more mixed. The company reported a loss of 21 cents a share vs. analysts polled by Reuters who expected a loss of 7 cents per share.
In other mixed news, Pandora listener hours continued their slow decline to 5.03 billion for the fourth quarter of 2017, compared to 5.15 billion hours last quarter and 5.38 billion for the same quarter last year. Paid subscriptions to Pandora Plus and Premium grew to 5.48 million in Q4, up 25% year-over-year, but just 5.6% for the last quarter.
Just weeks ago, Pandora announced an organizational restructuring that included 5% staff layoffs as part of a $45 million in cost cutting "designed to prioritize its strategic growth initiatives and optimize overall business performance."
We'll be following the stock and updating throughout the day.
