Pandora, Discovery Labs: After-Hours Trading (Update 1)
Updated from 5:!6 p.m. ET to include latest share prices, information on Discovery Laboratories .
The poor performance was a break from the company's brief track record as a public company. Pandora completed its IPO in mid-June 2011, and in its first two quarterly reports since then, the company had posted surprise profits vs. consensus expectations for losses.
This time around though, Pandora reported a non-GAAP loss of $4.7 million, or 3 cents a share, on revenue of $81.3 million. That performance was worse than the average estimate of analysts polled by Thomson Reuters for a loss of 2 cents a share on revenue of $83.1 million in the three months ended Jan. 31. In the same period a year earlier, Pandora lost $927,000, or a penny per share, on a non-GAAP basis with revenue totaling $47.6 million.
The stock was last quoted at $11.15, down 22%, on volume of 3.1 million, according to Nasdaq.com. The company originally priced its IPO at $16 per share.
Pandora said its total listener hours soared 99% year-over-year to 2.7 billion in the quarter from 1.3 billion in the same period a year earlier.
The company's outlook was a clunker as well. Pandora forecast a non-GAAP loss of 18 to 21 cents a share for its fiscal first quarter ending in April on revenue ranging from $72 million to $75 million. Wall Street's current consensus view is for a loss of 2 cents a share in the quarter on revenue of $86.6 million.
For the full fiscal year ending in January 2013, the company expects a non-GAAP loss of 11 to 16 cents a share on revenue of $410 million to $420 million. The current average estimate of analysts polled by Thomson Reuters is for a profit of a penny per share on revenue of $418.3 million.
Check out TheStreet's quote page for Pandora Media for year-to-date share performance, analyst ratings, earnings estimates and much more.
Shares of Discovery Laboratories (DSCO) soared after the bell following news that the company has received marketing approval for Surfaxin. The stock was last quoted at $5.14, up 37%, on volume of more than 2.4 million.
The Food and Drug Administration approved Surfaxin for the prevention of respiratory distress syndrome in high-risk premature infants, said the company, which expects to make the drug commercially available in the United States in late 2012.
The approval of SURFAXIN is an important medical advancement for the neonatology community and parents of preterm infants who will soon have an effective alternative to animal-derived surfactants to prevent the development of RDS," said W. Thomas Amick, the company's chairman and CEO, in a statement. "This is a significant milestone in our continuing efforts to develop a pipeline of products to further advance the standard of respiratory critical care."