Pandora (NYSE:P) announced its latest quarterly earnings results late in the day Tuesday, sending shares surging as the company posted better-than-expected earnings results.
The music streaming app announced that for its second quarter of fiscal 2018, it brought in net losses of $92 million, or 38 cents per share, which was much narrower than its year-ago net losses of $289.7 million, or $1.20 per share. On an adjusted basis, the company posted losses of 15 cents per share.
The figure was narrower than the Wall Street consensus estimate for adjusted losses of 16 cents per share, according to data compiled by FactSet. Pandora added that its revenue for the period was strong, coming in at $384.8 million for the period, which was better than the $376.8 million it posted during the second quarter of fiscal 2017.
The company’s revenue was also ahead of the mark as analysts were projecting the online streaming service provider to rake in revenue of $373 million for its second quarter. Analysts see Pandora as bringing in adjusted earnings of 6 cents per share during its third quarter of the fiscal year.
Wall Street also forecasts that the company will bring in revenue of $395 million for its third quarter. Pandora will discuss its own guidance during the earnings call later today.
P stock fell about 2.6% during regular trading hours on Tuesday but the company’s strong quarterly earnings showing sent shares soaring 7.4% after the bell.