Tue, Feb. 3, 5:35 PM
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Fri, Jan. 30, 8:06 PM
- News that Spotify is tapping Goldman Sachs to seek $500M in financing -- a move likely to relieve pressure for its IPO -- has put beleaguered Pandora (P -1.6%) in the spotlight.
- Pandora has lost more than 50% off its share price in the past 12 months amid worries that it might not be able to keep up with intense competition from a cash-rich Spotify, not to mention major players like Apple and Google.
- Investors like Guy Adami figure Spotify's fundraising is probably good for Pandora, but SA contributor Orange Peel Investments notes a rising tide doesn't lift all streaming boats.
- Meanwhile, a which-should-you-buy piece examines the two firms' mirror-image business models (subscription-heavy at Spotify; ad-heavy at Pandora) and comes out pro-Spotify.
- Credit Suisse maintains a Neutral rating on Pandora and has lowered its price target to $24/share. Wedbush previewed Pandora's earnings by maintaining its Outperform rating and a $35 target.
- Previously: Pandora -5.3%; Sony partners with Spotify (Jan. 28 2015)
Wed, Jan. 28, 3:52 PM
- Sony (NYSE:SNE) is shuttering its Music Unlimited streaming service (had seen limited uptake, from all indications) in favor of an alliance with Spotify: The online music giant will power a new service called PlayStation Music, with the offering initially launching on the PS3, PS4, and Xperia phones/tablets.
- PS4 users will be able to have Spotify music serve as the soundtrack for their games. The PS3 and PS4 respectively have installed bases above 80M and 18M.
- Pandora (NYSE:P), already dealing with concerns about active listener growth and competition, has slumped below $17 following the news, which comes eight days before the company's Q4 report. Pandora has long argued Spotify's subscription streaming services aren't a major threat to its personalized Web radio services.
Fri, Jan. 23, 11:56 AM
- An OTR Global survey of 17 U.S. ad agencies found the agencies plan to significantly boost their Pandora (NYSE:P) ad spend this year, and are generally pleased with the performance of Pandora ads. OTR also reports Pandora local ad spend rose 90% Y/Y in Q4.
- Pandora, which closed yesterday less than a dollar removed from its 52-week low of $15.26, has surged above $17 on OTR's report. The data comes four months after eMarketer observed Pandora's share of U.S. digital ad spend (an estimated 1.4%) remains far below its digital time share (7.1%), leaving plenty of room for growth. The Web radio leader has been investing heavily in growing its local ad salesforce.
- Q4 results are due on Feb. 5. Shares go for 3x 2015E sales. This year's revenue growth consensus is at 31.9%.
Wed, Jan. 14, 1:20 PM
- A slew of tech companies have posted steep losses on a day the Nasdaq is down 1%.
- Major decliners include Pandora (P -5%), LED giant Cree (CREE -5.9%), cloud HR software leader Workday (WDAY -4.1%), chipmakers Ambarella (AMBA -5.3%), Pixelworks (PXLW -3.7%), Audience (ADNC -3.6%), Spansion (CODE -4.4%), and Cypress (CY -3.9%) (the last two are merger partners), OLED materials/IP provider Universal Display (OLED -4.2%), industrial automation tech provider Echelon (ELON -4.8%), and P2P lending giant/recent IPO LendingClub (LC -4.8%).
- Possibly affecting OLED: LG Display (NYSE:LPL) has been ordered to halt operations at an OLED TV panel production line following a gas leak that killed two workers.
- Cree and Pandora aren't far removed from their 52-week lows; the former reports on Jan. 20, and the latter on Feb. 5. LendingClub, whose selloff follows a volatile Tuesday, could be affected by a neutral coverage launch from Susquehanna.
Mon, Jan. 12, 12:42 PM
- Though the S&P and Nasdaq are both down 0.6%, Pandora (NYSE:P) has shot higher. 3M shares have been traded thus far vs. a 3-month daily average of 7.1M. Shares had made a fresh 52-week low of $16.02 on Friday.
- The gains come on a day when rival Spotify has announced it now has 60M users (15M paid), up from 50M (12.5M paid) only in November. Spotify, long rumored to be prepping an IPO, is a year removed from launching a free (ad-supported) mobile service. Many of its users are in Europe and other locales where Pandora doesn't operate.
- Pandora had 76.5M active listeners at the end of Q3. Q4 results arrive on Feb. 5.
Nov. 25, 2014, 10:51 AM
- Believing content costs could surge after the Copyright Royalty Board sets new performance royalty rates, FBR has downgraded Pandora (NYSE:P) to Underperform, and slashed its target all the way to $11 from $28.
- The downgrade comes a day after Pac Crest cut its 2015 and 2016 EPS estimates for Pandora, citing expectations for higher marketing and content costs.
- Pandora's content acquisition costs totaled $111.3M (46% of revenue) in Q3, +33% Y/Y but less than revenue growth of 40%.
Nov. 14, 2014, 9:53 AM
- Pandora (NYSE:P) CEO Brian McAndrews discloses he bought 25K shares on Wednesday at an average price of $18.58.
- McAndrews' purchase price wasn't far removed from a recently-set 52-week low of $17.55. Pandora remains down over 50% from a March high of $40.44.
- Separately, Pandora has announced it will host a CC on Tuesday to discuss its Web IV royalty rate proceedings before the Copyright Royalty Board.
Nov. 3, 2014, 5:35 PM
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Oct. 30, 2014, 12:40 PM
- Less than a month after upgrading Pandora (P -3.1%) to Market Perform, Albert Fried's Rich Tullo has downgraded shares back to Underweight. His target has been cut by $4 to $16.
- Not surprisingly, Pandora's Q3 metrics are on Tullo's mind. "As Pandora’s monthly usage flattens below our original forecast to 76.6 million as compared to 78 million, we think Pandora will be challenged to manage content costs while expanding revenue at the current ad load." He adds Pandora risks losing users to rivals if it "expands ad load too fast."
- Tullo calls Pandora's launch of an Artist Marketing Platform (AMP) for musicians a positive, but considers it "too little too late," and says it "feels like a fig leaf" ahead of Copyright Royalty Board rate hearings.
- Pandora fell 20% in the time between Tullo's upgrade and downgrade.
Oct. 28, 2014, 6:38 PM
- Facebook beat Q3 estimates, but provided Q4 revenue guidance that was slightly below consensus at the midpoint.
- Twitter (NYSE:TWTR) -1.7% AH; shares fell 9.8% in regular trading due to yesterday's Q3 results and guidance.
- LinkedIn (NYSE:LNKD) -1.6%. Pandora (NYSE:P) -1.2%. YELP -1.6%. Zillow (NASDAQ:Z) -1%.
- Many of the same names sold off after Netflix and eBay's earnings two weeks ago.
Oct. 24, 2014, 12:48 PM
Oct. 24, 2014, 9:15 AM
Oct. 23, 2014, 6:18 PM
- Though its results and guidance beat expectations, Pandora (NYSE:P) reports it had 76.5M active listeners at the end of Q3, barely above the 76.4M it had at the end of Q2 and up only 5.2% Y/Y. Questions about the impact of competition are bound to come up.
- Listener hours totaled 4.99B, -1% Q/Q and +25% Y/Y; Y/Y growth benefited from the presence of a 40-hour free mobile listening cap during part of Q3 2013. Pandora's share of U.S. radio listening rose to 9.06% in September from 8.9% in June and 7.77% a year ago.
- Total Q3 ad revenue per thousand ad-supported listener hours (RPM) rose to $44.35 from $40.11 in Q2 and $39.68 a year ago. PC ad RPM +10% Y/Y to $64.13; mobile ad RPM +16% to $40.82.
- The RPM gains helped ad revenue rise 44% to $194.3M. Subscription/other revenue rose 25% to $45.3M. GAAP opex rose 48% to $114.8M, and content acquisition costs (driven by royalties) 33% to $111.3M.
- P -6.1% AH. Q3 results, PR
Oct. 23, 2014, 5:42 PM
Oct. 23, 2014, 4:06 PM
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