NEW YORK (TheStreet) -- Internet radio specialist Pandora Media (P) 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) 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) 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) 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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV