Pandora (P) Smashed as Poor Outlook Can't Offset Sterling Q3 Results

December 4, 2012 4:50 PM EST
Pandora Media (NYSE: P) is getting absolutely slammed in late trading following third-quarter 2013 results, as guidance is failing to support investor confidence.

Revenue for Pandora rose 60 percent to $120 million, from $75 million in the same period last year. Net income tripled to $2.05 million, or 1 cent per share. Excluding stock-based compensation, EPS was robust at 5 cents.

The Street pegged revs at $117.2 million and EPS at 1 cent.

Listener hours improved 67 percent to 3.56 billion and mobile revs grew 112 percent to $73.9 million.

Notably, in the same period last year, revs rose 99 percent and listener hours improved 104 percent, but we're just just sweating the details.

That's the good news.

Looking ahead, Pandora sees fourth-quarter revs of $120 million to $123 million and non-GAAP loss of 9 cents to 6 cents per share. The Street was modeling revs of $130.3 million and profit of 2 cents per share.

For fiscal 2013, Pandora lowered its revs expectations from a range of $425 million to $432 million to a new range of $422 million to $425 million. Loss widens from 8 cents to 4 cents per share out to a new range of 12 cents to 9 cents per share. Consensus views call for revs of $429.2 million and a loss of 6 cents per share.

In late trading, Pandora is down over 18 percent.

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