Pandora Media Inc(NYSE:P)’s loss widened but evidence that the company’s efforts to get more listeners and get more mobile ad revenues was paying off led to a surge in its share price by nearly 18% in early trading
On Wednesday Pandora reported a loss of $5.4 million, or 3 cents per share, for the quarter to July. That compared to a loss of $3.2 million, or 4 cents per share, at the same time last year.
Pandora's management also forecast that its results in the current quarter would surpass analyst expectations.
The gains held up despite a bit of unexpected news during Pandora's conference call to discuss the quarter.
Steve Cakeboard, the company's chief financial officer for the past two years, told analysts that he plans to leave Pandora by the end of the year. He said he wanted to explore other "industry-changing opportunities" and stressed that he had no qualms about Pandora's current direction.
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Meanwhile shares in Ciena Corporation(NASDAQ:CIEN) fell on Thursday morning after the networking equipment company reported mixed results for the third quarter ended July 31, and provided fourth quarter guidance that fell short of analyst expectations.
In the third quarter Ciena reported revenue of $474.1 million, down 0.7 percent sequentially, but up 8.9 percent from a year ago.
Forecast was for $455 million to $485 million. Non-GAAP earnings was a loss of four cents a share while the Street had expected a loss of two cents.
For the fourth quarter, the company is projecting revenue of $455 million to $480 million, well below the Street consensus forecast of $499.5 million.
Ciena sees non-GAAP gross margin of about 40 percent, roughly in line with the third quarter at 39.6 percent.
CEO Gary Smith said in a statement that Ciena is “experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins.”
CIEN shares fell more than 16.40 percent in morning trades to $13.98.