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: firstname.lastname@example.org
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
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- 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