Shares of Pandora (NYSE:P) soared more than 24% in Friday morning trading after the company posted better-than-expected quarterly results and said it is looking for a new CEO.
The Internet radio service announced that Chairman and CEO Joseph Kennedy will depart the company as soon as a new CEO is located. Kennedy has led Pandora since 2004, the Associated Press noted.
For its fiscal fourth quarter, Pandora lost $14.6 million. During the same period last year, it lost $8.2 million. Adjusted EPS showed a loss of 4 cents a share, narrowly beating the loss of 5 cents a share that Wall Street expected.
The company posted quarterly revenue of $125.1 million, a 54% jump compared to last year, and topping the $122.8 million that analysts had forecast. Mobile device revenue hit $80.3 million, up 111% over the prior year.
Company officials are estimating an adjusted loss of between 10 cents to 13 cents a share during the current quarter on revenue ranging from $120 million to $125 million. Wall Street is expecting a 10 cent per share loss and slightly lower revenue.
Last month, Pandora announced that non-subscribers who use the service on mobile devices will be restricted to 40 hours of listening per month.