Afternoon BUZZERS: Pandora JUMPS 14%, Gap and Limited Brands POP
Shares of Pandora Media (NYSE:P) were up more than 14 percent at close today. The Internet radio company reported that is loss for the second quarter widened to $5.4 million, compared to a loss of $1.8 million a year earlier. However, revenue surged 33.5 percent to $89.4 million, beating estimates of $74.3 million. “This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers,” stated Joe Kennedy, chief executive officer. “In particular, this quarter demonstrated that our mobile monetization strategies are working.” Pandora also raised its full-year revenue forecast. Sirius XM Radio (NASDAQ:SIRI) shares traded slightly lower on the news.
Limited Brands (NYSE:LTD) shares closed the day up 0.27 percent after reporting better-than-expected same-store sales for August. The company, which owns Victoria’s Secret and Bath & Body Works, saw same-store sales increase 8 percent, well above expectations of 4.2 percent.
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TiVo (NASDAQ:TIVO) shares fell 3.42 percent by close today. The company announced that it lost $27.7 million in the second quarter, compared to a loss of $19.6 million a year earlier. Revenue increased 6.7 percent to $65.3 million, though. Analyst had expected revenue of only $54.9 million. Tom Rogers, TiVo’s CEO, said, “This was another solid quarter for TiVo as we achieved our financial guidance, gained more subscriptions within our current distribution relationships, signed new distribution deals, deepened our capabilities in the audience research business, and showcased the benefits of our R&D investment through the delivery of the TiVo experience via virtually any kind of operator infrastructure and through tablets, smartphones, and computers.
Shares of Gap (NYSE:GPS) popped 2.67 percent on Thursday. The clothing retailer announced a net sales increase of 9 percent for August, compared to a year earlier. Reuters reports, “Net sales for the four-week period were $1.2 billion compared with net sales of $1.1 billion for the four-week period ended August 27, 2011. The company’s comparable sales for August 2012 rose 9 percent compared with a 6 percent decrease for August 2011.”
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