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Shares of Pandora Media (NYSE:P) jumped more than 15.8 percent pre-market. The Internet radio company reported that is loss for the second quarter widened to $5.4 million, compared to a loss of $1.8 million a year earlier. However, revenue surged 33.5 percent to $89.4 million, beating estimates of $74.3 million. “This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers,” stated Joe Kennedy, chief executive officer. “In particular, this quarter demonstrated that our mobile monetization strategies are working.” Pandora also raised its full-year revenue forecast. Sirius XM Radio (NASDAQ:SIRI) shares are down 0.59 percent on the news.
Vera Bradley (NASDAQ:VRA) shares plunged 8 percent in trading this morning. The handbag maker announced quarterly earnings of $13.4 million (33 cents per share), compared to $13.6 million (34 cents per share) a year earlier. Analysts were expecting earnings of 35 cents per share. The company now expects to earning between $1.60 and $1.63 per share for the full year, down from the earlier forecast of $1.68 to $1.71 per share.
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TiVo (NASDAQ:TIVO) shares popped 4.1 percent in early trading. The company announced that it lost $27.7 million in the second quarter, compared to a loss of $19.6 million a year earlier. Revenue increased 6.7 percent to $65.3 million, though. Analyst had expected revenue of only $54.9 million. Tom Rogers, TiVo’s CEO, said, “This was another solid quarter for TiVo as we achieved our financial guidance, gained more subscriptions within our current distribution relationships, signed new distribution deals, deepened our capabilities in the audience research business, and showcased the benefits of our R&D investment through the delivery of the TiVo experience via virtually any kind of operator infrastructure and through tablets, smartphones, and computers.
After closing 1.24 percent in the red, Facebook (NASDAQ:FB) shares are recovering a bit after receiving a rare positive note. Victor Anthony, senior analyst covering media and internet at Topeka Capital Markets, has a Buy rating on shares with a $36 price target in 18 months.
Investor Insight: Is Facebook a BUY Now?
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