Pandora shares plunge as earnings fall short

Mar 07, 2012
Pandora shares plunged on Tuesday after the Internet radio company posted earnings that fell short of the expectations of Wall Street analysts.

Pandora shares plunged on Tuesday after the Internet radio company posted earnings that fell short of the expectations of Wall Street analysts.

Pandora shares were down 18.50 percent at $11.63 in after-hours trading after losing 2.66 percent to $14.27 during the day on Wall Street.

The Oakland, California-based Pandora, which creates personalized radio stations for users based on their favorite artists or songs, reported a fiscal fourth quarter net loss of $8.2 million compared to $3.9 million a year ago.

Revenue rose 71 percent to $81.3 million in the quarter which ended on January 31 but fell short of the $83.06 million expected by analysts.

rose 74 percent to $72.1 million while was up 51 percent to $9.2 million.

Pandora forecast revenue of between $72 million and $75 million for the current quarter, less than the $86.58 million expected by analysts.

Pandora chief executive Joe Kennedy put a positive spin on the results.

"The fourth quarter was a strong finish to fiscal 2012, which was highlighted by record revenue, radio market share, listening hours and active users," Kennedy said in a statement.

"Reflecting on our first fiscal year as a public company, we have many accomplishments to be proud of and much to look forward to in the year ahead," he said.

"Pandora continues to rapidly disrupt the radio industry and has only just begun to realize the potential of our $37 billion US market opportunity," Kennedy said.

went public in June at $16 a share, one of several Internet companies to make their debut on Wall Street last year.

Explore further: Ticketfly buying WillCall for on-premise data

add to favorites email to friend print save as pdf

Related Stories

Pandora net loss widens but revenue up sharply

Aug 26, 2011

Internet radio company Pandora on Thursday posted its first quarterly earnings since going public, reporting a wider net loss but revenue that more than doubled on solid advertising growth.

Pandora hopes IPO will raise $123 million

Jun 03, 2011

Pandora Media Inc., which announced plans earlier this year to sell its stock in an initial public offering, said it and its investors were seeking to raise as much as $123 million - an amount that would value the Internet ...

Qualcomm 3Q results beat Wall Street estimates

Jul 20, 2011

(AP) -- Wireless chip-maker Qualcomm Inc.'s results for the latest quarter beat Wall Street's expectations, and its projections for the current quarter are also above analysts' estimates.

Game sales strong for EA but outlook hurts shares

May 11, 2010

(AP) -- Video game publisher Electronic Arts Inc. said Tuesday that strong sales of games such as "Battlefield: Bad Company" and "Mass Effect 2" gave the company a quarterly profit above expectations. But its outlook fell ...

Recommended for you

Ticketfly buying WillCall for on-premise data

15 hours ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0