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Pandora Falls as Spending to Promote Service Cuts Outlook
By Cliff Edwards and Anousha Sakoui
2014-04-25T20:09:58Z
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pandora Pandora Media Inc. (P) tumbled the most
in more than a year after telling investors it will spend
aggressively on marketing to defend its lead in online radio, a
move that will dent profit.
<a href="http://www.cheapjewelryoutlet.net">pandora rings</a> For the current second quarter, Pandora forecasts break-even to 3 cents a share in profit, according to a statement
yesterday from the Oakland, California-based company. That’s
less than the 5-cent average of 26 analysts’ estimates.
pandora beads Pandora is spending more to attract and keep listeners.
First-quarter marketing outlays increased 63 percent to $61.9
million, the company said, roughly in line with its growing
revenue. Content costs grew 26 percent to $108.3 million.
pandora glass beads “We have said we invest aggressively in the front half as
we are building sales teams,” Chief Financial Officer Michael Herring said in a telephone interview. “Our investment curve is
higher than the Street expected. It is a lot of work to provide
the best music service available.”
pandora rings Pandora fell 17 percent to $23.51 at the close in New York,
for the steepest one-day drop since December 2012. The stock is
down 12 percent this year.
pandora alphabets & numbers Pandora is poised to benefit from higher advertising on its
mobile and desktop products, with users tuning in to the service
more often and listening longer, according to Michael Pachter,
an analyst at Wedbush Securities in Los Angeles who recommends
buying the stock.
First Quarter
The net loss for the first quarter narrowed to $28.9
million, or 14 cents a share, from $38.7 million, or 22 cents, a
year earlier, Pandora said. Sales advanced 69 percent to $194.3
million. Non-GAAP revenue was $180.1 million, up 54 percent.
Analysts had estimated $174.9 million, on average.
The company makes money from ad sales and ad-free
subscriptions. Prices for the paid service will rise in May to
$4.99 a month for new users, from $3.99, Pandora said last
month.
Audience data released yesterday showed listener hours grew
12 percent to 4.8 billion in the first quarter from a year
earlier. Active listeners rose 8 percent to 75.3 million.
Ad revenue for Internet music and radio companies is
projected to grow 35 percent this year to $1.2 billion,
according to researcher SNL Kagan, and reach $2 billion by 2017.
Pandora faces a copyright infringement lawsuit in New York
State Supreme Court from major record labels accusing the
company of failing to pay for music recorded before 1972.
The company had been fighting the American Society of
Composers, Authors and Publishers for lower fees. If it has to
pay to license pre-1972 music, it might have to remove the
recordings from its service, Pandora said in a filing this year
with the U.S. Securities and Exchange Commission.
To contact the reporters on this story:
Cliff Edwards in San Francisco at
cedwards28@bloomberg.net ;
Anousha Sakoui in London at
asakoui@bloomberg.net
To contact the editors responsible for this story:
Anthony Palazzo at
apalazzo@bloomberg.net
Rob Golum, Niamh Ring
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