Pandora shares leap on reports it may be for sale

February 11, 2016

Shares of Pandora jumped Thursday on unconfirmed reports that the leading Internet radio service might be for sale.

Pandora shares that seesawed through the day were up more than eight percent to $9.11 at the close of official trading, only to see much of that gain vanish in after-market trades that followed release of its latest quarterly earnings figures.

Pandora Media shares ignited after a New York Times report cited unnamed sources as saying that the is working with Morgan Stanley to meet with potential buyers.

In response to an AFP inquiry, a spokesman for Pandora said the company declined "to comment on rumor or speculation."

The California-based firm is the world's largest Internet radio service, based on the number of subscribers, but has come under increasing pressure from rivals such as Spotify and Apple.

Pandora reported that its revenue climbed to $336 million in the final three months of last year in a 25 percent rise from the same quarter a year earlier, but that it logged a $19.4 million loss.

Revenue for the full year was $1.16 billion as compared to $920.8 million in 2014, but Pandora reported a loss of $169.7 million as compared to a loss of $30.4 million.

Last year, Pandora made "substantial investments" in building "the world's go-to music destination for listeners and artists alike," chief executive Brian McAndrews said in the earnings release.

He contended that this was a year for Pandora to continue investing in positioning the company for "revenue acceleration" in 2017.

Explore further: Pandora loss shrinks as revenue rises

Related Stories

Pandora loss shrinks as revenue rises

August 29, 2012

Internet radio firm Pandora on Wednesday reported that its revenue climbed in the recently-ended quarter but that it still lost money due in large part to royalties paid out for songs.

Pandora net loss widens but revenue up sharply

August 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 posts 3Q loss, revenue up 50 percent

November 21, 2013

Shares of Pandora Media Inc. are dropping after the Internet radio leader's outlook for the three months through January was mostly short of Wall Street's forecast.

Recommended for you

Making it easier to collaborate on code

October 26, 2016

Git is an open-source system with a polarizing reputation among programmers. It's a powerful tool to help developers track changes to code, but many view it as prohibitively difficult to use.

Dutch unveil giant vacuum to clean outside air

October 25, 2016

Dutch inventors Tuesday unveiled what they called the world's first giant outside air vacuum cleaner—a large purifying system intended to filter out toxic tiny particles from the atmosphere surrounding the machine.


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.