Pandora Reports Revenue Increase In Third Quarter
December 5, 2012

Pandora has reported its financial results for the Internet radio service's fiscal third quarter of 2013, with an impressive increase in revenue. However, a cautious guidance for the company's fourth quarter caused Pandora stocks to fall late Tuesday.

For Pandora's fiscal Q3, total revenue was up 60 percent to $120 million. Advertising revenue was $106.3 million, a 61 percent year-over-year increase, while subscription and other revenue was $13.7 million, a 52 percent increase. The company ended the quarter with $80.5 million in cash, cash equivalents and short-term investments, compared with $82.3 million at the end of the prior quarter.

Total listener hours grew 67 percent to 3.56 billion for the third quarter of Pandora's fiscal 2013, compared to 2.12 billion a year earlier.

"This quarter exceeded our expectations as we monetized mobile at record levels and grew total mobile revenue 112 percent," stated Joe Kennedy, Pandora Chairman/CEO. "During the quarter we launched Pandora 4.0, the biggest redesign on the iOS and Android platforms ever, bringing new, innovative and enhanced functionality to mobile devices for the first time for both users and advertisers."

Pandora's Q4 guidance predicts revenue to be between $120-123 million, with the company's fiscal full year revenue for 2013 between $422-425 million. However, Pandora also predicted a loss of between 6-9 cents per share in its fiscal Q4, missing Wall Street predictions. Late yesterday, Pandora stocks dropped over 20 percent in price, losing as much as $2/share at one point, down to $7.45. As of 11:30 a.m. today, Pandora was trading at $7.80/share.

Kennedy told Billboard.biz that the company was cautious in its guidance due to concerns about the U.S. economy and the potential effects of the "fiscal cliff."




 
Breaking News
Beasley Broadcast Group Names New Management Team In Tampa-St. Petersburg
Beasley Promotes Chris O’Kelley To OM In Augusta, GA
Darla Thomas Named PD At WLNK-FM
November 25, 2014
Entravision Announces Extension Of Share Repurchase Program
OG 97.9 FM Debuts In Atlanta Today
Kassof Research: Country P1’s: Country Proud
In Brief - November 25, 2014
November 24, 2014
T-Mobile Doubles Down On Music Freedom, Adds 14 New Services
Shawn Barron Named VP, Urban A&R For Atlantic Records
Kassof Research: A/C P1’s: Comfort Food
In Brief - November 24, 2014
November 21, 2014
RAB Report: Radio Shows Double-Digit Growth In Digital Revenue For Q3
The Week In Review: 11/17-11/21
Jaysson Reno Named VP, Sales For KGO-AM, KSFO-AM
Kassof Research: CHR P1's: Excited & Social
In Brief - November 21, 2014
November 20, 2014
Cumulus Promotes Jeff Davis To National Director Of Stratus Music Scheduling
Mike Fredrick Named Hubbard Radio Cincinnati VP/Market Manager
Hubbard Radio Announces New Division, 2060 Digital, LLC
Kassof Research: Christian Radio P1’s: Mission Accomplished
In Brief - November 20, 2014
November 19, 2014
Musicians On Call Raises $700,000 At 15th Anniversary Celebration
iStreamMEDIA Adds Christopher Cottrill As VP/Music Content, Programming
Jordan Blaugrund Promoted To VP, Digital Marketing, RCA Records
DeVito/Verdi Retained To Drive Awareness Of NextRadio App
Music News
One Direction Celebrate 4th Straight #1 Album
Quick Hits: Rihanna, Bruce Springsteen, Prince, Scott Stapp
Fall Out Boy To Drop Album in January
Quick Hits: Kurt Cobain, One Direction, Bob Dylan, Baha Men
One Direction Dominates 2014 AMAs
Katy Perry Is Ready For Some Football
Quick Hits: 5 Seconds of Summer, Drake & 2 Chainz, Grammy Foundation Legacy Concert, James Blake & Kanye West
Iggy Azalea, J. Lo To Team Up on AMAs
The Week In Review: 11/17-11/21
Quick Hits: Saturday Night Live, Billboard Touring Awards, YouTube Music Awards, Arcade Fire
Quick Hits: One Direction, Taylor Swift, Young The Giant, Guns N' Roses, Jimmy Ruffin
Taylor Swift's 1989 Remains At #1
Quick Hits: U2, Katy Perry, Paramore, Lana Del Rey, The Voice
Foo Fighters Announce Major 2015 North American Tour
Ed Sheeran Launches "Thinking Out Loud"
FMQB NOW

Jon Zellner
SVPP, iHeartMedia

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!