Pandora posts wider loss, misses expectations
Pandora Media Inc. on Thursday said it swung to a loss of 19.4 million in the fourth quarter, or 9 cents a share, versus earnings of $12.3 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, Pandora earned 4 cents a share in the quarter, compared with an adjusted 18 cents a share in the fourth quarter of 2014. Revenue reached $336 million, a 25% year-on-year increase, the company said. Analysts polled by FactSet had expected the Internet media company to report adjusted earnings of 7 cents a share on sales of $328 million. Pandora's listener hours increased 3% to 5.37 billion hours in the quarter. The company said it expects revenue between $280 million and $290 million in the current quarter and adjusted earnings around $75 million to $65 million. Shares of Pandora dropped 6% in late trading Thursday after ending the regular session up 8.2%.
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