Pandora (P) Sings A Nice Tune For 3Q 2012

Pandora (NYSE:P), the leading internet radio service announced its financial results for the third quarter of fiscal year 2012 today. Pandora is based out of Oakland, CA.

Pandora reported for the third quarter of fiscal 2012, total revenue was $75.0 million, a 99% year-over-year increase. Advertising revenue was $66.0 million, a 102% year-over-year increase. Subscription and other revenue was $9.0 million, an 80% year-over-year increase.

Pandora reported for the third quarter of fiscal 2012, on a GAAP basis, net income per common share, basic and diluted, was $0.00. Non-GAAP net income per fully diluted common share was $0.02, excluding approximately $2.7 million in stock-based compensation. Both GAAP and non-GAAP calculations are based on 191 million weighted average fully diluted common shares outstanding and assume minimal tax expense due to our net operating loss position.

Pandora reported on a fiscal year-to-date basis, Pandora generated approximately $3.5 million in cash from operating activities compared to generating $2.2 million in cash from operating activities in the year ago period.

Total listener hours for Pandora’s internet radio service were approximately 2.1 billion for the third quarter of fiscal 2012, an increase of 104% compared to approximately 1.0 billion for the third quarter of fiscal 2011.

Pandora’s fourth quarter guidance reported revenue is expected to be in the range of $80 million to $84 million. Non-GAAP net loss per common share is expected to be between negative ($0.04) and negative ($0.02). Non-GAAP earnings per common share excludes stock-based compensation expense, assumes minimal tax expense given our net operating loss position, and 161.6 million weighted average common shares outstanding for the fourth quarter fiscal 2012.

“Rapid growth of 104% year-over-year in listener hours and record Internet radio market share growth to 66% illustrates the strong demand for personalized radio,” stated Joe Kennedy, Chairman, President & CEO of Pandora. “Our growing scale and powerful, multi-product advertising platform is enabling Pandora to increasingly penetrate areas that were once solely served by terrestrial radio. Our momentum in transforming the radio industry is stronger than ever.”

Shares of Pandora (NYSE:P) were trading at 11.48, down 3.12% at 9:35 am ET on Wednesday.

written by

Rachel Brook is an up and coming financial writer focusing on commodity price inflation and how the overall market reacts to the price swings. She also covers emerging markets in Africa and SE Asia.
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