Pandora, BlackBerry, Facebook: Tech Premarket
NEW YORK (TheStreet) -- Pandora (P) shares surged more than 23% in premarket trading on Friday following the company's better-than-expected fourth-quarter results, released on Thursday.
The Internet radio company enjoyed a 54% year-over-year hike in revenue, which came in at $125.1 million. Pandora also reported a loss, excluding items, of 4 cents a share. Analysts surveyed by Thomson Reuters were looking for sales of $122.81 million and a loss of 5 cents a share.
Pandora's advertising revenue climbed 51% year over year to $109 million. Subscription and other revenue jumped 74% during the same time frame to $16.1 million.
The Oakland, Calif.-based firm also announced that Chairman and CEO Joe Kennedy is stepping down, but will remain CEO until a successor is found.
Pandora shares climbed 23.96% to $14.54 before market open. BlackBerry (BBRY) was a more modest gainer, rising 1.97% to $13.48. Facebook (FB), which announced new features for its News Feed on Thursday, slipped 0.06% to $28.56. Google (GOOG), which will reportedly lay off 1,200 jobs from its Motorola Mobility unit, crept up 0.31% to $835.2 before market open. Apple (AAPL) shares dipped 0.28% to $429.36. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.comSelect the service that is right for you!
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