Shares of internet radio purveyor Pandora Media (P) are up 98 cents, almost 10%, at $11.31 up $1.41, or almost 14%, at $11.74 after the company this afternoon reported fiscal Q1 revenue that topped consensus and a much smaller-than-expected net loss per share. The company forecast this quarter in line with estimates but projected the year’s revenue and profit ahead of consensus.
Revenue in the three months ending in April rose to $80.8 million, yielding a net loss of 9 cents per share.
Analysts had been modeling $74.3 million and an 18-cent loss.
For the current quarter, the company sees revenue in a range of $99 million to $101 million, and a 3-cent to 5-cent net loss. The Street consensus is $99.9 million and a 3-cent loss.
For the full year, Pandora sees revenue of $420 million to $427 million, and a net loss of 7 cents to 11 cents. That is better than the consensus estimate for $416 million and negative 15 cents per share, according to FactSet.
Pandora management will host a conference call with analysts at 5 pm, Eastern time, and you can catch the webcast of it here.
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