Welcome to the MacNN Forums.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

You are here: MacNN Forums > News > Tech News > Pandora deepens 2013 loss, announces search for new CEO

Pandora deepens 2013 loss, announces search for new CEO
Thread Tools
MacNN Staff
Join Date: Jul 2012
Status: Offline
Reply With Quote
Mar 7, 2013, 08:38 PM
 
Streaming music provider Pandora has declared while announcing its most recent set of quarterly earnings that CEO Joe Kennedy would resign from the company. Overall, Pandora lost $0.09 per share in the fourth quarter, with a $0.23 loss per share on the year -- losing less than estimated by Wall Street. A search for a replacement executive is underway, and Kennedy will stay with the company for a tenth year to help with the transition.

Kennedy said in a statement that "I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor." He added that "there is a tremendous market opportunity ahead, and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward." The company posted $125.1 million in revenue, a 54 percent year-over-year gain. Total listener hours grew 53 percent to 4.05 billion for the fourth quarter of fiscal 2013, compared to 2.66 billion for the fourth quarter of fiscal 2012. For the fiscal year 2013, total listener hours grew 70 percent to 14.01 billion, compared to 8.23 billion for the fiscal year 2012. The increase in listener hours led to an increase in royalty payments. The company expects to lose between $0.13 and $0.10 per share in the first quarter of 2014.
( Last edited by NewsPoster; Mar 8, 2013 at 04:41 AM. )
     
   
Thread Tools
Forum Links
Forum Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Top
Privacy Policy
All times are GMT -4. The time now is 05:24 AM.
All contents of these forums © 1995-2015 MacNN. All rights reserved.
Branding + Design: www.gesamtbild.com
vBulletin v.3.8.8 © 2000-2015, Jelsoft Enterprises Ltd., Content Relevant URLs by vBSEO 3.3.2