NEW YORK ( TheStreet) -- Internet radio specialist Pandora Media (P - Get Report) was a major gainer in premarket trading as investors responded positively to the company's second-quarter results, released after market close on Wednesday.
The Oakland, Calif.-based company reported revenue of $101.3 million, a 51% hike on the prior year's quarter, and posted break-even results on a per-share basis. Analysts surveyed by Thomson Reuters were looking for sales of $100.94 million and a loss of 3 cents a share.
Pandora also offered robust guidance, projecting sales between $115 million and $118 million and earnings, excluding items, between break-even and a penny a share. Analysts are looking for break-even earnings on $114.36 million in revenue.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," said Pandora CEO Joe Kennedy, in a statement. "In particular, this quarter demonstrated that our mobile monetization strategies are working."Investors welcomed the results, pushing Pandora's shares up 14.58% to $11.55 in premarket trading. TiVo (TIVO - Get Report) was also a gainer after reporting a narrower-than-expected loss in its second-quarter on Wednesday. The digital video firm posted a loss of 23 cents a shares, compared with a loss of 17 cents a share in the prior year's quarter. Analysts, however, were looking for a loss of 24 cents a share, according to Bloomberg. The Alviso, Calif.-based firm also saw its total subscribers increase by 230,000 during the quarter. TiVo's total revenue was $65.3 million, up from $61.2 million in the same period last year. TiVo's shares climbed 3.63% to $9.70 in premarket trading on Thursday. Ciena (CIEN - Get Report) shares, however, plunged 11% to $14.88 after the company announced its fiscal third-quarter results early on Thursday. The networking specialist brought in revenue of $474.1 million, above analysts' forecast of $473.9 million. Excluding items, Ciena reported a loss of 4 cents a share, compared to the consensus estimate of a 2-cent loss. "We continue to win in the market and take share as demonstrated by a solid operating performance in the third quarter," noted Ciena CEO Gary Smith, in a statement released before market open. "We are experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins." For its fiscal fourth quarter, Ciena expects sales between $455 million and $480 million, below analysts' projections of $499.49 million. Ciena was also the most active premarket Nasdaq stock on share volume of 830,767. Facebook (FB - Get Report) was another active premarket stock on share volume of 559,162. Shares of the social networker rose 0.73% to $19.24. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices