Originally published at www.seclive.com
Filing in Focus: Pandora 8-K, August 22, 2013
Pandora Media Inc., (NYSE:P) announced its financial results for the second quarter of fiscal year 2013, reporting revenues of $157.4M, beating last year's revenue by 55% and topping analyst predictions of $156M. Mobile revenue increased 92%, which explains the sharp jump in its overall revenue, earning the company $116M through advertising revenue from its mobile application. The company posted a net loss of $7.79M, or $0.04 losses per share, however, if excluding one-time charges, earnings per share would have been $0.04. Thanks to its increased revenue, the company is also eliminating its 40-hour per month limit it placed on free mobile listeners before requiring payment. This move will help the company better compete with Spotify and distance itself from newcomers Google and Apple to the on-demand music business.
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