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Pandora Media (P)

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  • Apr. 3, 2013, 2:42 PM
    Pandora's (P -1.9%) share of U.S. radio listening fell to 8.05% in March from 8.48% in February, according to its March audience metrics. Though March appears a seasonally weak month for market share, Pandora's share was nearly unchanged on a M/M basis a year ago (5.73% vs. 5.74%). On a Y/Y basis, growth still looks healthy: listener hours rose 40% Y/Y to 1.49B, and active listeners 36% to 69.5M. (February metrics)
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  • Apr. 1, 2013, 6:20 PM
    As far as tablets go, concerns about mobile ad monetization could be misplaced. Credit Suisse recently reported its checks indicate search ad "user behavior and conversion rates on tablets are very similar" to PCs, even as tablet ad prices remain 20%-40% lower. The firm expects Google's (GOOG) AdWords overhaul to help narrow the pricing gap. Meanwhile, Marin Software (MRIN) predicts tablet conversion rates will eclipse PC rates by year's end, and mobile ad firm Adfonic reports tablet click-through are well above smartphone rates in many (but not all) categories.
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  • Apr. 1, 2013, 9:57 AM
    Pandora (P -1.9%) slides in the wake of The Verge's report about Apple's hopes for a summertime iRadio launch, and the music industry's "love-hate relationship" with Pandora. Shares remain up 51% YTD.
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  • Mar. 29, 2013, 6:21 PM
    "iRadio is coming. There's no doubt about it," a music industry source tells The Verge's Greg Sandoval. After months of tough negotiations with studios, Apple (AAPL) is said to be aiming for a summer launch. The company's reported plan to limit the service to Apple hardware stands to affect its popularity with customers who listen to music on both Apple and non-Apple gear. Sandoval adds the music industry has "a love-hate relationship" with Pandora (P), believing (in spite of Pandora's gripes about royalty rates) it "chokes off demand" for more profitable services.
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  • Mar. 25, 2013, 5:32 PM
    Pandora (P +2.2%) finished higher after comScore pegged its February U.S. audience at 65.1M (52M on mobile), up from September's 59.9M (48.6M on mobile). Google's (GOOG) total audience came in at 228M, and its mobile audience at 107.6M. Facebook's (FB) respectively totaled 174.8M and 100M, Amazon's 147M and 74.1M, and eBay's (EBAY) 84.7M and 41.3M. 65% of Pandora's U.S. audience is believed to be mobile-only, compared with 14% of Google's, 17% of Facebook's, and 22% of both Amazon and eBay's.
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  • Mar. 11, 2013, 5:50 PM
    Spotify is close to deals with music studios that will allow its ad-supported Internet radio service to expand internationally, 3 sources tell Bloomberg. The company's reported goal is to make the service available in all 17 countries that its operates in April. Rival Pandora (P) has been slow to expand internationally; the U.S., Australia, and New Zealand are the only markets where it's currently available. Spotify boasted of having 20M users (5M paid) in December; Pandora claimed 67.7M active listeners for February.
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  • Mar. 8, 2013, 7:02 PM
    Needham's Laura Martin is taking Pandora's (P +17.6%) FQ4 ad rate declines in stride, arguing the quarter is a seasonally weak one for ad prices and that this year's drops were moderate. But she is concerned about Joe Kennedy's planned departure, given his pivotal role in saving Pandora from the brink and turning it into a $430M/year business. Wedbush's Michael Pachter thinks Kennedy's replacement should have a strong radio sales background. "They don’t need a product development guy ... They need a chief revenue officer." (CC transcript) (more)
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  • Mar. 8, 2013, 12:44 PM
    Midday top 10 gainers: AQ +36%. GMXR +35%. MEET +22%. AMBA +22%. III +22%. ABIO +21%. PRGN +20%. BVSN +19%. P +18%. WG +17%.
    Midday top 10 losers: SKUL -22%. PGRX -19%. SUTR -16%. TECUA -16%. FREE -15%. ANGO -13%. MXWL -13%. AVG -11%. ARCI -10%. OTIV -8%.
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  • Mar. 8, 2013, 9:10 AM
    Premarket gainers: P +25%. TPX +9%. BVSN +7%. ANN +8%. CLSN +5%. HRB +5%.
    Losers: SKUL -17%. MXWL -15%. MED -9%. GOL -6%.
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  • Mar. 7, 2013, 7:08 PM
    "We've turned the corner on mobile monetization," boasted CEO Joe Kennedy on Pandora's (P) FQ4 call, even as he remained vague about the reasons for his planned departure. In spite of the boast, Pandora's mobile ad revenue per thousand hours (RPM) fell 8% Q/Q to $23.51, and was 56% below a PC ad RPM of $53.53, which itself was down 8% Q/Q. Pandora attributes the latter drop to a greater sales focus on mobile. Pandora's share of U.S. radio listening hit 8.48% in February, up from 8.03% in January and 5.74% a year ago. P +21.3% AH. (live blog) (previous)
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  • Mar. 7, 2013, 5:54 PM
    After-hours top gainers, as of 5:15 p.m.: P +19%. AMBA +9%. PETS +7%. PANL +6%. RIGL +5%.
    After-hours top losers: MED -9%. ZQK -9%. AVG -6%. SKUL -6%. ANGO -5%.
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  • Mar. 7, 2013, 4:53 PM
    Pandora (P) CEO Joe Kennedy is stepping down after holding the top job for nearly 9 years, the company discloses 40 minutes after announcing its FQ4 beat. Kennedy will remain CEO until a successor is found. "As part of our Board discussions of the road that lies ahead, I reached the conclusion ... that the time is right to begin a process to identify my successor." Investors don't seem to be bothered, P +20.6% AH. We should get more details on the CC (webcast).
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  • Mar. 7, 2013, 4:28 PM
    More on Pandora: FQ4 mobile revenue was $80.3M (64% of total), +9% Q/Q and +111% Y/Y - the latter exceeded mobile listener hour growth of 70% (improved monetization). Total listener hours +15% Q/Q and +53% Y/Y (was +67% Y/Y in FQ3). Ad revenue +51% Y/Y and 87% of total, subscription/other revenue +74%. Content costs +57% Y/Y, slightly above rev. growth and equal to 61% of sales. But gap between content cost and rev. growth fell from FQ3. Sales/marketing spend +63% and equal to 27% of sales. P +18.9% AH. CC at 5PM ET (webcast). (PR)
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  • Mar. 7, 2013, 4:12 PM
    Pandora Media (P): FQ4 EPS of -$0.04 beats by $0.01. Revenue of $125.1M (+54% Y/Y) beats by $2.6M. Expects FQ2 revenue of $120M-$125M and EPS of -$0.13 to -$0.10 vs. consensus of $119.5M and -$0.10. Expects FY14 (ends Jan. '14) revenue of $600M-$650M and EPS of -$0.05 to $0.05 vs. consensus of $600M and -$0.02. Shares +17.8% AH. (PR)
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  • Mar. 7, 2013, 1:14 PM
    Music studios continue to balk at Apple's (AAPL +0.8%) royalty terms for its planned Web radio service, industry sources tell the NY Post. Whereas Pandora (P +2.8%) pays $0.12 per 100 streamed songs and iHeartRadio $0.22, Apple is said to have made an initial offer of $0.06. Is Apple playing hardball out of a belief the Internet Radio Fairness Act (something apparently on the minds of studios) gives it some leverage? The report could be helping Pandora rally ahead of today's FQ4 report. (previous) Update: The NYT reports stalled licensing talks have led Apple's service to be delayed at least until summer.
    | 17 Comments
  • Mar. 7, 2013, 12:10 AM
    Notable earnings after Thursday’s close: AMBA, BPZ, FNSR, HRB, MED, P, SKUL, SQNM, WDAY, WPRT, ZQK
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Company Description
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.