Pandora Stock Falls After Earnings Report
UPDATE: Panodra stock had not recovered by mid-morning on Friday See Pandora's latest price along with other music related stocks on Hypebot's stock ticker in the lower right column below.
Pandora reported first quarter earnings after the markets closed yesterday. The company reported narrowing losses. But Wall Street was unimpressed and pushed the stock down 5.1% in after hours trading. Pandora now controls 9.1% of total U.S. radio listening.
Pandora Q1 revenues rose 69% percent to $194.3 million. Ad sales were up 45% to $140.6 million. Listener hours rose 12% to 4.80 billion.
Pandora's Q1 loss narrowed to $28.9 million or $.14 per share from $38.7 million or $.22 per share for the same quarter last year. Adjusted loss for the quarter fell to $25.5 million or $.13 per share from $30.2 million in the prior year quarter. Analysts polled by Thomson Reuters expected a loss of $.14 per share.
Breakeven Next Quarter?
Looking forward to the next quarter, Pandora expects breakeven earnings of $.03 per share and revenues of $213 million to $218 million. Analysts had expected $.05 per share on revenue of $219.33 million.
