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.
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