Pandora (P) Continues Gaining U.S. Radio Share in August; Shares Pop Higher
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Pandora Media (NYSE: P) is ticking higher Monday morning after reporting strong growth metrics for the month of August.
According to the Internet radio provider, listener hours rose 70 percent to 1.16 billion, active listeners were up 48 percent to 56.2 million, and total U.S. radio listening market share improved from 3.67 percent up to 6.30 percent.
The numbers compare with a 76 percent increase in listener hours, 48 percent active listener jump, and 6.13 percent U.S. radio market share reported for July. Active listeners rose 51 percent in June, while listener hours grew 77 percent.
News is a boon for Pandora, which was hit last Friday on reports that Apple (Nasdaq: AAPL) is moving to enter the Internet streaming radio marketplace. Though nothing was confirmed from Apple, Pandora shares ended up just under 17 percent lower for the session.
Today, Pandora is up about 3.3 percent ahead of the opening bell. Peer Sirius XM (Nasdaq: SIRI) is lower early.
According to the Internet radio provider, listener hours rose 70 percent to 1.16 billion, active listeners were up 48 percent to 56.2 million, and total U.S. radio listening market share improved from 3.67 percent up to 6.30 percent.
The numbers compare with a 76 percent increase in listener hours, 48 percent active listener jump, and 6.13 percent U.S. radio market share reported for July. Active listeners rose 51 percent in June, while listener hours grew 77 percent.
News is a boon for Pandora, which was hit last Friday on reports that Apple (Nasdaq: AAPL) is moving to enter the Internet streaming radio marketplace. Though nothing was confirmed from Apple, Pandora shares ended up just under 17 percent lower for the session.
Today, Pandora is up about 3.3 percent ahead of the opening bell. Peer Sirius XM (Nasdaq: SIRI) is lower early.
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