Pandora shares hit high note after earnings

Shares of online-radio provider Pandora continue to soar today, as they did in after-hours trading Wednesday after the Oakland company reported quarterly results that beat Wall Street estimates.

Pandora shares were up more than 21 percent to $12.28 as of this post, the highest they’ve been in a couple of months.

Pandora’s second-quarter loss of $5.4 million amounted to 3 cents a share, less than the 4 cents a share analysts had expected the company to lose. And as the Oakland Tribune’s George Avalos reported, the company is touting “strong momentum” with listeners and advertisers.  A couple of analysts raised their ratings, with one saying “ad dollars are following increased users,” according to MarketWatch.

Since going public last year, the company’s shares have been on a roller-coaster ride, affected by news about competitors, the advertising climate and royalty issues. Their 52-week closing low is $8.06, their high $15.80. The shares’ highest closing price was $20.04, reached less than a month after the company’s June IPO.

 

 

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