Pandora Boosted By Break-Even Results
NEW YORK (TheStreet) -- Pandora(P) beat second-quarter earnings expectations, sending shares sharply higher after the results.
With revenue growing 51% year-over-year to $101.3 million in the fiscal second-quarter, the company broke even on a per share basis, which beat analysts' estimates.
Analysts polled by Thomson Reuters expected the Internet radio provider to lose 3 cents a share on $100.94 million in revenue.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," said Joe Kennedy, Chairman & CEO of Pandora, in the company press release. "In particular, this quarter demonstrated that our mobile monetization strategies are working."
The company ended the second quarter with $82.3 million in cash, up from $80.6 million at the end of the first quarter.
Third-quarter guidance also beat Wall Street estimates. The company expects sales between $115 million and $118 million. Earnings on a non-GAAP basis are expected to be between break-even and a penny a share. Analysts polled by Thomson Reuters are looking for break-even on earnings and $114.36 million in revenue.
For the 2013 fiscal year, Pandora said it expects to lose between 4 cents and 8 cents a share on revenue between $425 million and $432 million. Wall Street is looking for a loss of 11 cents a share on $424.16 million in sales.
Shares of Pandora ended the day slightly lower, off 0.98% to close at $10.08. Shares are soaring higher in after-hours trading, up 9.92% to $11.19 on 700,000 shares according to Nasdaq.com.
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--Written by Chris Ciaccia in New York
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