Pandora Loses More Than Expected
Pandora Media Inc. registered more losses during the fourth-quarter due to rise in expenses. For the investors, the good news is that share prices rose by almost 21 percent to $14.15 as result was better than market expectations.
The company revenue saw a growth to $125.1 million from the previous $81.3 million. The company earlier estimated revenue of $122.8 million.
The company also claimed that it will reduce their loss overtime and will adjust the loss at the rate of 10 to 13 cents per share.
In a statement released by Pandora it was revealed that Chairman, Chief Executive and President Joseph Kennedy will resign from his position.
"As part of our board discussions of the road that lies ahead, I reached the conclusion and advised the board that the time is right to begin a process to identify my successor," Kennedy said in a statement. He will remain in his role until a successor is named.
Meanwhile the US government is conducting stress test on 18 financial institutions to figure out whether they are ready to fight another recession in near future.
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