Pandora Shares Down After Reporting Q1 Earnings, Advertising Revenue Up 45% YoY

4/24/14 5:06 PM ET (Benzinga)

Shares of Pandora (NYSE: P) are getting hammered, down six percent to $26.48 after reporting first quarter earnings.
The company reported earnings per share of $(0.13) versus the estimated loss of $0.14. GAAP total revenue was $193.4. Non-GAAP revenue came in at $180.1 million versus the analyst estimate of $174.96 for a 54 percent increase year over year.
Advertising revenue increased 45 percent year over year to $140.6 million. Non-GAAP subscription and other revenue came in at $39.5 million, a 94 percent increase year over year.
Total listener hours grew 12 percent year over year to 4.8 billion.
For the second quarter, Pandora is expecting $213 to $218 million in revenue and non-GAAP earnings per share is expected to be between $0.00 and $0.03.
The company expects full year 2014 earnings per share in the range of $0.14-0.18 versus analyst estimates of $0.16. 2014 sales are expected in the range of $800-900 million versus $892.30 million analyst estimates.
Our strong first quarter results demonstrate Pandora's deep listener engagement, accelerating monetization, and increasing leverage in our business model. Looking ahead, we will continue to invest aggressively to extend our leadership position and drive forward the future of radio, said President, Chairman, and Chief Executive Officer Brian McAndrews.

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Microsoft, Baidu pop; Visa, Pandora drop after hours

Today 6:40 PM ET (MarketWatch)

By Wallace Witkowski, MarketWatch

SAN FRANCISCO (MarketWatch) -- Microsoft Corp. shares rose in the extended session Thursday after the software giant's quarterly profit declined but topped Wall Street estimates.

Shares of Microsoft (MSFT) rose 3% to $41.06 on very heavy volume after the Redmond, Wash.-based company reported fiscal third-quarter earnings of 68 cents a share on revenue of $20.4 billion.

Analysts surveyed by FactSet had forecast 63 cents a share on revenue of $20.39 billion.

Follow MarketWatch's live blog of Microsoft's conference call.

Shares of Dow component Visa Inc. (V) shares fell 3.9% to $201.26 on moderate volume after fiscal second-quarter revenue fell short of Wall Street estimates. Visa reported quarterly earnings of $2.20 a share on revenue of $3.16 billion. Analysts expected $2.18 a share on revenue of $3.19 billion.

U.S. shares of Baidu Inc. (BIDU) surged 5.5% to $168.56 on heavy volume after first-quarter earnings topped forecasts.

Amazon.com Inc. (AMZN) shares rose 0.2% to $337.73 on heavy volume after the online retailer posted quarterly revenue that topped Wall Street estimates.

Follow Amazon's conference call on MarketWatch's live blog.

Starbucks Corp. (SBUX) shares rose 1.6% to $72.20 on moderate volume after the coffee chain reported fiscal second-quarter earnings of 56 cents a share on revenue of $3.87 billion. Analysts expected 56 cents a share on revenue of $3.96 billion.

Pandora Media Inc. (P) shares dropped 4.6% to $26.90 on heavy volume even after the Internet radio provider posted better first-quarter numbers than Wall Street expected. Their second-quarter outlook may have factored into the share-price drop as Pandora said it expects to break even to 3 cents a share in adjusted profit on revenue of $213 million to $218 million. Analysts expect 5 cents a share on revenue of $218.3 million.

The company raised its outlook for the year to earnings between 14 cents and 18 cents a share on revenue of $880 million to $900 million. Analysts are forecasting 16 cents a share on revenue of $895.7 million.

SunPower Corp. (SPWR) jumped 4.9% to $33.60 on moderate volume.after the solar-power developer scored a big earnings beat.

SunPower reported adjusted first-quarter earnings of 49 cents a share on adjusted revenue of $683.7 million. Analysts estimated 33 cents a share on revenue of $679.5 million.

Shares of Hanesbrands Inc. (HBI) rose 3.7% to $78.25 after adjusted first-quarter earnings topped expectations and the company boosted its profit outlook for the year.

Broadcom Inc. (BRCM) shares declined 3.2% to $30.15 after first-quarter earnings.

Shares of Under Armour Inc. (UA) rose 2.8% to $51.84 on moderate volume after S&P Dow Jones Indices said the company would join the S&P 500 Index on April 30.

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-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

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April 24, 2014 18:40 ET (22:40 GMT)
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