Wednesday 23 November 2011, 10:54 | By CMU Editorial
Pandora has a good-ish quarter
Pandora’s share price fell slightly yesterday, despite the US-based and now publicly listed streaming music service reporting a pretty good set of stats for the last financial quarter, including listening hours doubling, ad revenue doubling and subscription revenues rising by 80%. This despite all the hoo and haa around new competitor Spotify launching Stateside during that period.
The company’s financial performance was actually slightly better for the quarter than many analysts expected, though management warned the current quarter has been more challenging, and that figures for the current period are likely to be slightly down on expectations, hence the share price wobble.
Nevertheless, those with a more long term view will likely be pleased with Pandora’s progress, as the long established player in a tricky and increasingly competitive market continues to grow, even if that growth is modest.