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Wednesday, May 23, 2012

Pandora Media Q1 Loss Widens, But Tops Views, Shares Up



Shares of Pandora Media Inc. (P) rose ten percent in extended trading on Wednesday after the internet radio company reported a loss and revenues that were better than what analysts' expected.

The Oakland, California-based company's net loss for the the quarter widened to $20.2 million from $9.1 million last year. But, on a per share basis, loss narrowed to $0.12 from $0.61 last year on a higher share count.

Excluding special items, adjusted net loss for the quarter was $14.7 million or $0.09 per share, compared to $4.3 million or $0.03 per share last year.


On average, 20 analysts polled by Thomson Reuters expected loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the first quarter grew 58 percent to $80.8 million from $51.0 million last year.

Advertising revenues for the quarter rose 62 percent, while subscription and other revenues increased 38 percent year-over-year. Analysts estimated revenues of $74.34 million for the quarter. Looking forward to the second quarter, Pandora expects adjusted loss in a range of $0.03 to $0.05 per share, and revenues of $99 million to $101 million.

Analysts currently estimate loss of $0.03 per share on revenues of $99.91 million for the second quarter. The company improved its full-year 2013 financial outlook. Pandora now expects adjusted loss in a range of $0.07 to $0.11 per share, and revenues of $420 million to $427 million.

Previously, Pandora anticipated adjusted loss in the range of $0.11 to $0.16 per share on revenues of $410 million to $420 million. Analysts currently estimate loss of $0.17 per share on revenues of $415.87 million for the full year.

P closed Wednesday's trading at $10.35, up $0.37 or 3.71% on a volume of 3.5 million shares. The stock further gained $1.02 or 9.87% in after-hours trading.

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