Pandora: 2Q Earnings Snapshot
OAKLAND, Calif. (AP) _ Pandora Media Inc. (P) on Tuesday reported a loss of $99.5 million in its second quarter.
On a per-share basis, the Oakland, California-based company said it had a loss of 38 cents. Losses, adjusted for non-recurring costs and stock option expense, were 15 cents per share.
The results fell short of Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.
The music streaming service posted revenue of $384.8 million in the period, surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $373.6 million.
Pandora shares have risen 41 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.79, a decline of 24 percent in the last 12 months.