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NEW YORK (
Pandora(P - Get Report) 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 - Get Report) was a more modest gainer, rising 1.97% to $13.48.
Facebook(FB - Get Report), which
announced new features for its News Feed on Thursday, slipped 0.06% to $28.56.
Google(GOOG - Get Report), 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 - Get Report) shares dipped 0.28% to $429.36.
--Written by James Rogers in New York.
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