Pandora, TiVo, Ciena, Facebook: Tech Premarket
NEW YORK (TheStreet) -- Internet radio specialist Pandora Media(P) was a major gainer in premarket trading as investors responded positively to the company's second-quarter results, released after market close on Wednesday.
The Oakland, Calif.-based company reported revenue of $101.3 million, a 51% hike on the prior year's quarter, and posted break-even results on a per-share basis. Analysts surveyed by Thomson Reuters were looking for sales of $100.94 million and a loss of 3 cents a share.
Pandora also offered robust guidance, projecting sales between $115 million and $118 million and earnings, excluding items, between break-even and a penny a share. Analysts are looking for break-even earnings on $114.36 million in revenue.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," said Pandora CEO Joe Kennedy, in a statement. "In particular, this quarter demonstrated that our mobile monetization strategies are working."
Investors welcomed the results, pushing Pandora's shares up 14.58% to $11.55 in premarket trading.
TiVo(TIVO) was also a gainer after reporting a narrower-than-expected loss in its second-quarter on Wednesday.
The digital video firm posted a loss of 23 cents a shares, compared with a loss of 17 cents a share in the prior year's quarter. Analysts, however, were looking for a loss of 24 cents a share, according to Bloomberg.
The Alviso, Calif.-based firm also saw its total subscribers increase by 230,000 during the quarter. TiVo's total revenue was $65.3 million, up from $61.2 million in the same period last year.
TiVo's shares climbed 3.63% to $9.70 in premarket trading on Thursday.
Ciena(CIEN) shares, however, plunged 11% to $14.88 after the company announced its fiscal third-quarter results early on Thursday.
The networking specialist brought in revenue of $474.1 million, above analysts' forecast of $473.9 million. Excluding items, Ciena reported a loss of 4 cents a share, compared to the consensus estimate of a 2-cent loss.