Pandora (P) Breaks Even In Q2, Issues Rosier Outlook

August 29, 2012 4:29 PM EDT Send to a Friend
Shares of online radio service Pandora (NYSE: P) are ramping after-hours Wednesday after reporting break-even results for the second quarter, versus an expected loss. The company also sees a better financial outlook.

Second quarter revenues rose 51 percent to $101.3 million, and beat the Wall Street consensus of $100.94 million. Advertising revenue rose 51 percent to $89.4 million and subscription and other revenue rose 36 percent to $11.9 million.

Non-GAAP earnings per share were breakeven, excluding approximately $6.0 million in stock-based compensation. This compared to the Wall Street consensus calling for a loss of $0.03 per share.

Total listener hours grew 80% to 3.30 billion for the second quarter of fiscal 2013, compared to 1.83 billion for the second quarter of fiscal 2012.

"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," stated Joe Kennedy, Chairman & CEO of Pandora. "In particular, this quarter demonstrated that our mobile monetization strategies are working."

In the current quarter, Pandora sees third quarter revenues of $115 to $118 million and EPS of $0.00 to $0.01. This compares to the consensus of $114.4 million and ($0.00), respectively.

For the year, the company sees revenues of $425 to $432 million and a non-GAAP net loss of ($0.04) and ($0.08). This compares to the consensus of $424.2 million and ($0.12), respectively. Previously the company saw a loss of ($0.07) to ($0.11) on the year.

Shares of Pandora are up 12 percent after-hours to $11.30.


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