Pandora Media Inc. (NYSE:P) reported net income above Wall Street’s expectations for the most recent quarter. Pandora Media operates as an Internet radio company in the United States. It provides its radio service to traditional computers, Android phones, Blackberry phones, and the iPhone.
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Pandora Media Earnings Cheat Sheet for the Third Quarter
Results: Net income for Pandora Media Inc. rose to $2.1 million (one cent per share) vs. $638,000 (0 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year-earlier quarter.
Revenue: Rose 60% to $120 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pandora Media Inc. reported adjusted net income of 5 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 2 cents per share. It beat the average revenue estimate of $74.3 million.
Quoting Management: “This quarter exceeded our expectations as we monetized mobile at record levels and grew total mobile revenue 112%,” stated Joe Kennedy, Chairman & CEO of Pandora. “During the quarter we launched Pandora 4.0, the biggest redesign on the iOS and Android platforms ever, bringing new, innovative and enhanced functionality to mobile devices for the first time for both users and advertisers.”
The company has now beaten analyst estimates for three quarters in a row. It beat the mark by 4 cents in the second quarter and by 6 cents in the first quarter.
Looking Forward: Expectations for the fourth quarter have not changed from 2 cents. The average estimate hasn’t changed from 19 cents per share for the fiscal year.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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