In other tech news,
(GOOG - Get Report)
is reported to be laying off 1,200 workers at its
According to an internal email message seen by
The Wall Street Journal
, the company is planning to cut as many as 1,200 jobs, or more than 10% of its Motorola workforce.
Many of those cuts will reportedly come from overseas operations in India and China, as well as staff reduction here in the U.S.
Streaming music service
(P - Get Report)
as revenue rose sharply and the company's loss came in lower than Wall Street estimates.
The Internet radio company posted a non-GAAP loss of 4 cents a share on $125.1 million in revenue for its fiscal fourth quarter.
Revenue rose 54% compared to the prior year's quarter, with advertising revenue climbing 51% year over year to $109 million. Subscription and other revenue jumped 74% during the same period to $16.1 million.
Analysts surveyed by Thomson Reuters were looking for a loss of 5 cents a share on $122.81 million in revenue.
For fiscal year 2014, Pandora expects its bottom line to be in a range from a loss of 5 cents a share to a profit of 5 cents a share. Revenue is expected to be between $600 million and $620 million. Analysts polled by
expect a loss of 2 cents a share on $600.01 million in sales.
Pandora also announced that Chairman and CEO Joe Kennedy would be stepping down, but would remain CEO until a successor is found.
Shares in Pandora surged on the earnings report, putting weekly gains for the company in excess of 12%. Shares in Pandora closed Friday trading near one-year highs at $13.79, which reflects a gain so far this year of more than 50%.
-- Written by Antoine Gara in New York