Pandora Losing Listeners, Dollars as Revenue Misses Q2 Estimates
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Pandora, the internet radio service that’s become the subject of heated merger speculation, posted second-quarter revenue that missed analysts’ estimates as active listeners fell.
The company posted a loss of 12 cents a share, excluding some items, according to a statement Thursday. That was smaller than the 15-cent average loss projected by analysts in a Bloomberg survey and larger than a year earlier. Second-quarter revenue rose 20% to $343 million, short of analysts’ projections of $351.7 million.
Founder Tim Westergren, who returned as chief executive officer in March, is trying to almost quadruple sales to $4 billion by 2020 by steering the company into new businesses, such as ticket sales and concert promotion. That’s led to forecasts for wider losses. Pandora, which was exploring a possible sale, received an informal offer of $15 a share in recent months from Sirius XM Holdings, which is controlled by John Malone’s Liberty Media, the Wall Street Journal reported. The company spurned the overture.
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