Pandora Reports Q1 Loses Of $28.6 Million
May 24, 2013 at 3:08 AM (PT)
PANDORA MEDIA reported Q1 losses, as rising expenses outpaced revenues. For the quarter ended APRIL 30th, the webcaster reported a loss of $28.6 million, or 16 cents a share, compared with a year-earlier loss of $20.2 million, or 12 cents a share. Revenues rose 55% to $125.5 million.
Advertising revs were up 49% to $105.1 million, while subscription and other revenue nearly doubled to $20.4 million. Total costs and expenses rose 53% to $154 million.
THE WALL STREET JOURNAL notes, "shares jumped 9.3% after hours to $18.75 as the company raised its full-year bottom-line guidance. As of THURSDAY's close, the stock was up 87% so far this year."
PANDORA projects a Q2 profit of one cent to a loss of two cents, "while analysts polled by THOMSON REUTERS estimated a profit of two cents. Adjusted revenue should come in at $155 million to $160 million," reports the WSJ..
No new CEO was named. In MARCH (NET NEWS 3/7), current Chief Executive JOE KENNEDY said he leaving the company, although he would stay on in the role until a successor is found