Shares of Pandora Media Inc. (P) rose ten percent in extended trading on Wednesday after the internet radio company reported a loss and revenues that were better than what analysts' expected.
The Oakland, California-based company's net loss for the the quarter widened to $20.2 million from $9.1 million last year. But, on a per share basis, loss narrowed to $0.12 from $0.61 last year on a higher share count.
Excluding special items, adjusted net loss for the quarter was $14.7 million or $0.09 per share, compared to $4.3 million or $0.03 per share last year.
On average, 20 analysts polled by Thomson Reuters expected loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the first quarter grew 58 percent to $80.8 million from $51.0 million last year.
Advertising revenues for the quarter rose 62 percent, while subscription and other revenues increased 38 percent year-over-year. Analysts estimated revenues of $74.34 million for the quarter. Looking forward to the second quarter, Pandora expects adjusted loss in a range of $0.03 to $0.05 per share, and revenues of $99 million to $101 million.
Analysts currently estimate loss of $0.03 per share on revenues of $99.91 million for the second quarter. The company improved its full-year 2013 financial outlook. Pandora now expects adjusted loss in a range of $0.07 to $0.11 per share, and revenues of $420 million to $427 million.
Previously, Pandora anticipated adjusted loss in the range of $0.11 to $0.16 per share on revenues of $410 million to $420 million. Analysts currently estimate loss of $0.17 per share on revenues of $415.87 million for the full year.
P closed Wednesday's trading at $10.35, up $0.37 or 3.71% on a volume of 3.5 million shares. The stock further gained $1.02 or 9.87% in after-hours trading.
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