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On its FQ3 call, Pandora only blamed its soft FQ4 guidance on advertiser caution, partly due to...

On its FQ3 call, Pandora only blamed its soft FQ4 guidance on advertiser caution, partly due to the fiscal cliff. Its mobile ad revenue per thousand listener hours (RPM) hit a record high in FQ3, but remains less than half its PC ad RPM, which is slumping - Pandora blames this latter issue on the removal of a 40-hour listening cap, and a greater focus on mobile. Total headcount rose 38% Y/Y and sales headcount 75%; Pandora is counting on those new hires, along with support for new ad platforms, to give mobile monetization a lift. P -18.7% AH.
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