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Pandora Media Full-Year Guidance Disappoints, Shares Tumble in Afterhours (P)

Friday, August 23, 2013 7:34 AM
Online radio company, Pandora Media Inc. (NYSE: P) said after the market close on Thursday that fiscal second quarter loss widened as expenses increased, offsetting a double digit growth in revenue. Although adjusted earnings and revenue topped Street’s expectation, shares fell about 5.70% in aftermarket hours on Thursday as earnings outlook for the fiscal third quarter fell short of Wall Street’s expectation. Full-year earnings guidance also missed analysts’ estimation. For the fiscal third quarter, Pandora Media anticipates non-GAAP earnings to be in the range of 3 cents a share to 6 cents a share. Analysts polled by Thomson Reuters were anticipating 8 cents. For the full-fiscal year, Pandora expects earnings of breakeven a share to 5 cents a share, down from its earlier guidance of breakeven to 8 cents a share. However, the outlook on full-year adjusted revenue was lifted to $640 million to $655 million from $615 million to $635 million. For the fiscal second quarter ended July 31, the internet radio company reported a net loss of $7.8 million or 4 cents a share compared to a loss of $5.4 million or 3 cents a share. Stripping out onetime items such as stock based compensation and other expenses, the adjusted earnings stood at 4 cents a share up from a penny a share, in the same quarter of last year. Revenue climbed 55% to $157.4 million. Adjusted revenue rose 58% to $162 million. Active users increased 30% from the year-earlier quarter to 71.2 million in the fiscal second quarter. Earlier in May, the Company projected a adjusted loss of 2 cents a share to a profit of a penny a share on adjusted revenue of $155 million to $160 million. Revenue from advertising rose 44% to $128.5 million. Revenue from subscription and other sources more than doubled to $28.8 million. Total costs and expenses soared 55% to $165 million.  
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