Wall Street Rewards Pandora for Q2 Earnings
Pandora jumped 14% on Thursday after the company reported huge Q2 revenue gains, especially in the mobile space. Some of the stock gain came from shorts (investors betting the stock would decline) who got squeezed when earnings came in better than expected. Pandora lost over $5 Million in the second quarter but apparently that number was better than expected and investors felt reassured after hearing from CEO Joe Kennedy.
The company expects revenue to be about $115 million in the third quarter, hoping to break even in that quarter. Several analysts upgraded Pandora which may have also helped push the stock higher. On the Pandora conference call Wednesday one analyst even questioned if Pandora was spending enough to keep up with its growth. He indicated he might like to see more money spent on salespeople, which the company is deploying in major markets, to help speed up the growth.
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