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