Updated from 5:!6 p.m. ET to include latest share prices, information on Discovery Laboratories
NEW YORK (
) -- Shares of
were crushed in late trades on Tuesday after the streaming music company reported a wider-than-expected loss for its fiscal fourth quarter.
The poor performance was a break from the company's brief track record as a public company. Pandora completed its IPO in mid-June 2011, and in its first two quarterly reports since then, the company had posted surprise profits vs. consensus expectations for losses.
This time around though, Pandora reported a non-GAAP loss of $4.7 million, or 3 cents a share, on revenue of $81.3 million. That performance was worse than the average estimate of analysts polled by
for a loss of 2 cents a share on revenue of $83.1 million in the three months ended Jan. 31. In the same period a year earlier, Pandora lost $927,000, or a penny per share, on a non-GAAP basis with revenue totaling $47.6 million.
The stock was last quoted at $11.15, down 22%, on volume of 3.1 million, according to
. The company originally priced its IPO at $16 per share.
Pandora said its total listener hours soared 99% year-over-year to 2.7 billion in the quarter from 1.3 billion in the same period a year earlier.
The company's outlook was a clunker as well. Pandora forecast a non-GAAP loss of 18 to 21 cents a share for its fiscal first quarter ending in April on revenue ranging from $72 million to $75 million. Wall Street's current consensus view is for a loss of 2 cents a share in the quarter on revenue of $86.6 million.
For the full fiscal year ending in January 2013, the company expects a non-GAAP loss of 11 to 16 cents a share on revenue of $410 million to $420 million. The current average estimate of analysts polled by
is for a profit of a penny per share on revenue of $418.3 million.
Check out TheStreet's quote page for Pandora Media for year-to-date share performance, analyst ratings, earnings estimates and much more.
soared after the bell following news that the company has received marketing approval for Surfaxin. The stock was last quoted at $5.14, up 37%, on volume of more than 2.4 million.
The Food and Drug Administration approved Surfaxin for the prevention of respiratory distress syndrome in high-risk premature infants, said the company, which expects to make the drug commercially available in the United States in late 2012.
The approval of SURFAXIN is an important medical advancement for the neonatology community and parents of preterm infants who will soon have an effective alternative to animal-derived surfactants to prevent the development of RDS," said W. Thomas Amick, the company's chairman and CEO, in a statement. "This is a significant milestone in our continuing efforts to develop a pipeline of products to further advance the standard of respiratory critical care."
Prior to the news, based on Tuesday's regular-session close at $3.75, shares of Discovery Labs were already up more than 95% in the past year. The volatile stock actually spiked to a new 52-week high of $4.57 on Tuesday afternoon ahead of the close.
edged up in the extended session after the chip maker lowered its outlook for its fiscal first quarter, citing order decreases from wire line and handset customers and weaker than expected revenue from its distribution channel, manly because of softness in Europe and Asia.
The company now sees non-GAAP earnings of 8 to 11 cents a share for the first quarter ending this month on revenue of $180 million to $190 million. The current average estimate of analysts polled by
is for earnings of 17 cents a share in the quarter on revenue of $205.9 million.
The stock was last quoted at $16.04, up 3 cents, on volume of nearly 200,000, according to
. Earlier in the after-hours session, the shares fell as low as $15.01. Based on Tuesday's regular-session close at $16.01, Cypress's stock is down more than 18% in the past year, scraping a 52-week low of $13.67 on Oct. 4.
Brad Buss, the company's chief financial officer, went on record in the company's press release though as saying conditions are getting better.
"Customer backlog and bookings stabilized in January and we have seen improvements for the last six weeks," Buss said. "We continue to believe that Q1 will be the bottom for revenue and bookings, and at this point expect Q2 revenue to grow sequentially. However the macro environment and order patterns remain very fluid and lead-times are near historical lows, impacting visibility."
Check out TheStreet's quote page for Cypress Semiconductor for year-to-date share performance, analyst ratings, earnings estimates and much more.
Written by Michael Baron in New York.
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