Pandora Media beat earnings expectations and raised its revenue forecast for the year Thursday, sending its stock up 11% in late trading. The music-streaming service reported a net loss of $48.3 million, or 23 cents a share, on sales of $297.3 million. Analysts polled by FactSet on average expected Pandora to report a loss of 51 cents a share on revenue of $287 million. The company also raised its forecast for full-year revenue slightly, to $1.41 billion to $1.43 billion, up from $1.40 billion to $1.42 billion. Thursday's earnings report is the first for the company since it named founder Tim Westergren CEO near the end of the quarter. Shares soared to $10.50 in late trading after closing at $9.43.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.