Reuters: Technology News: Pandora Media raises outlook as more people tune in

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Pandora Media raises outlook as more people tune in May 23rd 2012, 21:15 Tweet Share this Email Print Related News Salesforce ups FY outlook on strong first quarter, pipeline Thu, May 17 2012 Facebook boosts IPO size by 25 percent, could top $16 billion Wed, May 16 2012 Analysis: Key to Universal-EMI decision: Has music business lost control? Wed, May 16 2012 Facebook increases IPO range to raise $12.1 billion Tue, May 15 2012 Discovery profit falls, hurt by Oprah's OWN Tue, May 8 2012 Analysis & Opinion Spotify's $4 billion pitch sounds high Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange. Credit: Reuters/Brendan McDermid Wed May 23, 2012 4:54pm EDT (Reuters) - Online streaming music service Pandora Media Inc reported better-than-expected revenue and raised its full-year guidance as more people tuned in and boosted its market share. The stock climbed 13 percent in extended trading after closing at $10.33 on Wednesday. Pandora raised its full-year revenue outlook to a range of $420 million to $427 million from a previous forecast of $410 million to $420 million. Pandora said it expects to narrow its net loss to a range of 7 to 11 cents per share, from a previous forecast of 11 to 16 cents. "We are making excellent progress on all fronts - consumer adoption continues at an extraordinary pace," Pandora Chief Executive Joe Kennedy said in an interview with Reuters. Pandora is a mostly free music service that recommends different songs based on listener's playlists. Supported mainly by advertising, it competes with traditional radio companies such as Clear Channel, satellite radio provider Sirius XM Radio Inc, and new upstarts like the popular Spotify. The decade-old company has yet to turn a profit as it spends money to build up its sales force. The bigger Pandora's audience gets the more it has to pay record labels fees for broadcasting their music. Pandora reported on Wednesday that total revenue for its first quarter rose 58 percent to $80.8 million. Analysts on average were anticipating revenue of $74.3 million, according to Thomson Reuters I/B/E/S. Adjusted for items, Pandora reported a quarterly net loss of 9 cents per share, well above analysts' expectations of a loss of 18 cents. (Reporting By Jennifer Saba; Editing by Gary Hill and Richard Chang) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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