Stocks to Watch: Pandora, Texas Instruments
NEW YORK -- Pandora Media's (P) fourth-quarter results beat Wall Street estimates, led by a huge jump in revenue.
The Internet radio company posted Thursday a non-GAAP loss of 4 cents a share on revenue of $125.1 million, up 54% from a year earlier. Advertising revenue climbed 51% year over year to $109 million.
Analysts were looking for a loss of 5 cents a share on revenue of $122.8 million.
Pandora's fiscal first-quarter 2014 and full-year guidance came in ahead of Wall Street estimates. The company expects to lose, on a non-GAAP basis, 10 cents to 13 cents a share in the first quarter, but revenue is expected to be between $120 million and $125 million. Analysts forecast a loss of 10 cents a share on sales of $119.53 million.
Pandora also announced that Chairman and CEO Joe Kennedy would be stepping down, but would remain CEO until a successor is found.
Texas Instruments (TXN) narrowed its first-quarter outlook to the higher end of its prior estimates.
The semiconductor specialist said Thursday it expects first-quarter revenue of $2.8 billion to $2.91 billion, compared with its prior guidance of $2.69 billion to $2.91 billion.
Texas Instruments expects earnings of between 28 cents and 32 cents a share; its earlier forecast called for earnings of 24 cents to 32 cents a share. The latest forecast includes about 6 cents of acquisition and restructuring charges and a discrete tax benefit of 6 cents related to the reinstatement of the R&D tax credit.
Analysts are looking for earnings of 31 cents a share on revenue of $2.8 billion.
Google's(GOOG) Motorola Mobility hardware unit has begun laying off about 1,200 employees, or more than 10% of its headcount, according to a company email reviewed by The Wall Street Journal .
The new cuts come on top of the 4,000 jobs cut at Motorola Mobility in August as the smartphone maker continues trying to return to profitability, the newspaper noted.
"These cuts are a continuation of the reductions we announced last summer. It's obviously very hard for the employees concerned, and we are committed to helping them through this difficult transition," a spokesman told the Journal.
KKR and Gardner Denver are expected to make the announcement as soon as Friday, a person familiar with the matter told the Journal.
McDonald's(MCD) releases same-store sales for February on Friday morning.
Foot Locker (FL) is expected by analysts Friday to post fourth-quarter earnings of 73 cents a share on revenue of $1.69 billion.