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Thu, Apr. 28, 4:14 PM
- Pandora (NYSE:P) has vaulted 6% after hours, beating revenue expectations for Q1 and raising its full-year outlook above expectations.
- EBITDA was a loss of $57.4M, beating expectations for a loss of $67.8M. Cash and investments came to $382.5M.
- Revenue breakout: Advertising, $220.3M (up 23.3%); Subscription and other, $54.7M (up 5.2%); Ticketing service, $22.3M (new). Of ad revenues, local advertising grew 42% to $61.3M.
- Listener hours grew 4% to 5.52B. Active listeners grew to 79.4M from a year-ago 79.2M.
- Guidance is in line for Q2 (revenues of $345M-$355M, and adjusted EBITDA loss of $30M to $20M), but the company raised expectations for the full year: revenues to $1.41B-$1.43B (up from $1.4B-$1.42B, and vs. expectations for $1.41B) and EBITDA loss of $70M-$50M (vs. previous forecast of a loss of $80M-$60M, and against consensus for a loss of $71M).
- Conference call to come at 5 p.m. ET.
- Press release
Thu, Apr. 28, 4:05 PM
Wed, Apr. 27, 5:35 PM
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Mon, Apr. 25, 7:05 PM
- Bob Peck expects there may be upside to user metrics for Pandora (NYSE:P) as it heads into this week's earnings.
- The company previously reaffirmed its Q1 guidance at the high end of its earlier range, and SunTrust's Peck think listener hours could juice Pandora' numbers with the help of “an extra day in February (leap year) and the shutdown of iTunes Radio in late January."
- There's high short interest in the stock as well, so Peck sees positive things happening in the short term.
- SunTrust Robinson Humphrey reiterated its Neutral rating on the stock; Pandora is set to report earnings after the close on Thursday.
- Now read Pandora: Still Misunderstood »
Mon, Apr. 11, 5:38 PM
Mon, Mar. 28, 9:15 AM
Thu, Mar. 24, 10:02 AM
- Much as the site wrote two years ago, dealReporter states Pandora (P +8.3%) is seen potentially attracting buyout interest. It speculates Amazon, Google, and Yahoo could make bids.
- Separately, Pandora has added Tony Vinciquerra, a senior advisor to P-E firm TPG and before that the CEO of Fox Networks, to its board. The board now has ten members.
- In February, the NYT reported Pandora is "working with Morgan Stanley to meet potential buyers," and has held discussions about selling itself. 35.4M shares (16% of the float) were shorted as of March 1.
Fri, Feb. 12, 12:48 PM
Thu, Feb. 11, 4:34 PM
- Though Pandora (NYSE:P) beat Q4 revenue estimates (while missing EPS estimates), the company is guiding for 2016 revenue of $1.4B-$1.42B vs. a $1.42B consensus. In addition, with planned investments in an on-demand streaming service set to weigh, adjusted EBITDA is expected to drop to -$60M to -$80M from 2015's $51.7M and 2014's $58.2M.
- Q1 sales guidance of $280M-$290M is in-line with a $284M consensus. Q1 adjusted EBITDA guidance is at -$65M to -$75M.
- Metrics: Active listeners totaled 81.1M in Q4, up by 3M Q/Q but down by 0.4M Y/Y. Listener hours totaled 5.37B, up moderately from Q3's 5.14B and Q4 2014's 5.2B. Competition from Apple, Spotify, and others has been weighing on listener growth and engagement.
Q4 details: Ad revenue +22% Y/Y to $269M. Subscription/other revenue +19% to $57M. Ticketing revenue (via Ticketfly) totaled $10.2M. Content acquisition costs rose 24% Y/Y to $142.9M (43% of revenue) ahead of 2016's higher CRB rates. GAAP operating expenses rose 49% to $122.9M.
Ad RPM (revenue per 1K listener hours) rose to $57.25 from $48.19 a year ago - PC RPM was $68.83, and mobile/other device RPM was $55.14. Pandora ended 2015 with $416.9M in cash and $234.6M in long-term debt.
- P -5.3% after hours to $8.61. Shares rose 8.2% in regular trading following an NYT report stating Pandora is thinking of selling itself.
- Pandora's Q4 results, earnings release
Thu, Feb. 11, 4:04 PM
- Pandora Media (NYSE:P): Q4 EPS of $0.04 misses by $0.03.
- Revenue of $336.16M (+25.4% Y/Y) beats by $4.33M.
- Shares -1.1%.
Thu, Feb. 11, 2:24 PM
- Ahead of this afternoon's Q4 report, the NYT reports Pandora (NYSE:P) is "working with Morgan Stanley to meet potential buyers," and has held discussions about selling itself. Shares have jumpedin response.
- The paper cautions talks are preliminary. The news comes with Pandora's shares having fallen into the single digits thanks to a market rout and ongoing concerns about competition and user growth/engagement.
- Back in Oct. 2014, SA author Orange Peel Investments predicted Pandora would eventually drop to the $10 range, and then get bought out.
Wed, Feb. 10, 5:35 PM
Tue, Jan. 19, 9:46 AM
- Though believing the stock could still ultimately go to zero, BTIG's Rich Greenfield has upgraded Pandora (P +0.6%) to Neutral on a belief the risk/reward for staying bearish is no longer as compelling following a selloff that has the Web radio leader's shares to the single digits.
- Greenfield, bearish for a long time, is still fairly pessimistic: "Our core thesis has not changed. We simply do not believe Pandora can ever generate meaningful earnings to justify its valuation. There are no barriers to entry in online music with competition continuing to build ... Pandora [also] faces an increasing wave of competition for mobile advertising dollars from a wide array of companies with far superior data/analytics (Google, Facebook, Instagram, Snapchat, Twitter, etc.)."
- Separately, Apple (NASDAQ:AAPL) has announced it's discontinuing the free/ad-supported version of iTunes Radio starting Jan. 28. The Beats 1 station will be Apple's only free Web radio service going forward. Ad-free radio streams will still be provided via the Apple Music subscription service; Apple didn't state whether the iTunes Match service will continue supporting ad-free iTunes Radio.
- The news comes ahead of Pandora's Feb. 11 Q4 report. Shares jumped last month after the CRB announced better-than-feared recording royalty rates for 2016-2020, but gave back their gains and then some as markets tumbled.
- After opening sharply higher, Pandora has quickly pared its gains. The Nasdaq is up 1%.
- Two weeks ago: Canaccord believes Pandora's listener hours tracking with estimates
- Three weeks ago: SunTrust downgrades Pandora, cites CRB ruling and spending concerns
Tue, Jan. 19, 9:17 AM
Pandora Media, Inc. provides an internet radio service in the United States, Australia and New Zealand. It offers a personalized experience for listeners to listen radio on smartphones, tablets, computers and car audio systems and Internet-connected devices. The company has developed a form of... More
Industry: Internet Information Providers
Country: United States
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