Pandora Stock Jumps After Earnings Crush Estimates

By Jeremy C. Owens Markets MarketWatch Pulse

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.

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