{"id":37865,"date":"2017-08-01T07:01:41","date_gmt":"2017-08-01T07:01:41","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=37865"},"modified":"2017-08-01T07:01:41","modified_gmt":"2017-08-01T07:01:41","slug":"pandora-medias-revenue-beats-on-advertising-boost","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/pandora-medias-revenue-beats-on-advertising-boost.html","title":{"rendered":"Pandora Media’s revenue beats on advertising boost"},"content":{"rendered":"

Pandora Media’s revenue beats on advertising boost<\/span><\/strong><\/span><\/h2>\n

Pandora Media Inc reported better-than-expected quarterly revenue as advertisers spent more on the online music streaming service amid stiff competition.<\/span><\/p>\n

The company’s shares were up 1.4 percent in choppy after-hours trading on Monday. The stock was up 6 percent after the quarterly results but pared some gains after Pandora cut its full-year forecast on a conference call.<\/span><\/p>\n

Pandora now expects its full-year revenue to range between $1.45 billion and $1.50 billion, compared with its previous forecast of $1.50 billion to $1.65 billion.<\/span><\/p>\n

The lowered forecast reflects adjustments related to Pandora’s sale of its ticketing firm, Ticketfly, and the closure of Australia and New Zealand operations in June.<\/span><\/p>\n

Analysts on average were expecting full-year revenue of $1.56 billion, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

The company continues to pull in advertisers despite competition from Sweden’s Spotify, Apple Inc’s Apple Music, Google’s Play Music and Amazon.com Inc’s Amazon Music Unlimited.<\/span><\/p>\n

“Going forward, we expect the trend in our advertising business to continue to improve,” interim Chief Executive Naveen Chopra said on the call with analysts.<\/span><\/p>\n

Pandora’s advertising revenue rose nearly 5 percent to $278.2 million in the second quarter, exceeding analysts’ expectations of $268.4 million, according to financial data and analytics firm FactSet.<\/span><\/p>\n

The company reported subscription revenue of $68.9 million, below analysts’ expectation of $72.8 million, according to FactSet.<\/span><\/p>\n

Pandora is going through a management shakeup with its CEO Tim Westergren stepping down in June, less than a month after satellite radio company Sirius XM Holdings Inc invested $480 million in the company.<\/span><\/p>\n

“The prior management was focused on subscriptions. They’re all gone,” Wedbush Securities analyst Michael Pachter said. “Let’s see who steps in as CEO and see what the strategy is.”<\/span><\/p>\n

The company’s total revenue rose nearly 10 percent to $376.8 million, beating the average analyst estimate of $368.7 million, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

Pandora’s net loss widened to $275.1 million, or $1.20 per share, in the quarter ended June 30, from $76.3 million, or 33 cents per share, a year earlier.<\/span><\/p>\n

The latest quarter included a goodwill impairment charge of $132 million from a one-time write down related to the sale of Ticketfly.<\/span><\/p>\n

Excluding items, Pandora lost 21 cents per share, smaller than analysts’ estimate of 24 cents.<\/span><\/p>\n

Up to Monday’s close of $8.95, Pandora’s shares had fallen 31.4 percent this year.<\/span><\/p>\n

source:-https:\/\/www.reuters.com\/article\/us-pandora-media-results-idUSKBN1AG2EF<\/span><\/p>\n

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