Pandora Media Inc Plunges After Sales Miss, AT&T Inc. Edges Up

Pandora Media Inc Plunges After Sales Miss, AT&T Inc. Edges Up
By w:Pandora [Public domain], <a href="">via Wikimedia Commons</a>

Pandora Media and AT&T released their latest earnings reports after closing bell tonight. Pandora posted adjusted earnings of 10 cents per share, which was in line with the analyst estimate, on $311.6 million in revenue, which came up short of the analyst estimate of $313 million. In the same quarter last year, the streaming radio service provider posted $239.5 million in revenue and adjusted earnings of 9 cents per share.

AT&T reported adjusted earnings of 74 cents per share, beating the consensus estimate of 68 cents per share, and revenue of $39.1 billion, a 19% increase that missed the FactSet consensus of $40.3 billion.

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Pandora Media’s losses widen

Pandora Media posted a net loss of 40 cents per share or $85.9 million, compared to last year’s loss of 1 cent per share or $2 million. Total ad revenue increased 31% to $254.7 million. Mobile revenue increased 36% to $255.2 million, while local ad revenue increased 52% to $63.5 million. Adjusted EBITDA increased 27% to $30.6 million.

Total RPMs increased 26% to a new record of $60.52. Ad RPMs rose 28% to a new record of $56.84. Total listener hours increased 3% to 5.14 billion, while active listeners grew to 78.1 million from 76.5 million last year.

Pandora Media expects fourth quarter revenue to be between $325 million and $330 million and adjusted EBITDA to be between $25 million and $30 million. For the full year, the streaming radio service provider expects revenue of between $1.153 billion and $1.158 billion and adjusted EBITDA of between $51 million and $56 million.

Shares of Pandora Media plunged in after-hours trades, falling as much as 15.58% to $16.20 per share.

AT&T adds subscribers in all categories, ups guidance

AT&T’s reported earnings fell to 50 cents per share from 60 cents last year. Most of the revenue increase was due to the acquisition of DIRECTV.

Business Solutions revenues climbed 1.2%. The company added 26,000 domestic DIRECTV subscribers, 192,000 broadband subscribers, 2.5 million AT&T Mobility domestic wireless adds, and almost 1 million branded smartphones.

AT&T’s total churn rate was 1.33%, which matched the consensus estimate. The company raised its full year guidance for adjusted earnings to a range of between $2.68 and $2.74 per share. The consensus estimate for the full year is $2.61 per share.

Shares of AT&T edged higher by as much as 1.77% in after-hours trading to $34.57 per share.

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