In other tech news,
(GOOG) is reported to be laying off 1,200 workers at its
Motorola Mobility unit.
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), meanwhile,
beat earnings 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
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