Revenues Double As Pandora Prepares For IPO
May 27, 2011 at 3:53 AM (PT)
PANDORA MEDIA INC., which is prepping preparing for an initial public offering, said revenue more than doubled last quarter and its user base increased to over 90 million. Sales were up to $51 million in Q1, which ended APRIL 30th, from $21.6 million a year earlier.
The company reported in a filing that it expects to complete the share sale by the end of JUNE.
"PANDORA is trying to build investor interest for its planned $100 million IPO, which would follow the public market debuts of other popular Internet startups," reports THE SAN FRANCISCO CHRONICLE. "Shares of professional-networking company LINKEDIN CORP. and Russian search-engine firm YANDEX NV rose after initial offerings this month. SAN FRANCISCO social-game developer ZYNGA INC. may file for an IPO by the end of JUNE, a person familiar with the matter said this week."
PANDORA was founded in 2000 by TIM WESTERGREN under the name SAVAGE BEAST.