Pandora Media Inc (NYSE:P) is coming off a strong fiscal second quarter, which ended on June 30, and CEO Mike Herring is confident the best of 2014 is yet to come for the streaming music service, the largest in the U.S. He spoke with Fox Business today about his company’s past, present, and future.
“Business is great. I thought we had a great second quarter with the momentum building for the back half of the year. We’re 80% advertising driven from a revenue perspective, so it’s heavily weighted to the second half; and as we exited Q2, we had a lot of momentum, particularly from our mobile advertising business, and in our local radio advertising business,” Herring said.
Pandora Media Inc (NYSE:P)’s revenue from those two advertising sectors has improved tremendously year-over-year, 50%+ for the mobile division, and 140% for the local. Those results allowed Pandora Media Inc (NYSE:P) to raise their guidance for the year after announcing their second quarter results in July, the revenue from which came in slightly ahead of analysts’ expectations. Despite that, Pandora Media Inc (NYSE:P) did suffer $11.7 million in losses compared to $6.8 million in losses from the same period a year ago.
Pandora Media Inc (NYSE:P) is the leading internet radio service in the U.S with 76.4 million active monthly listeners aurally absorbing 5.04 billion hours of music during the last fiscal quarter. They hold a 70% market share in the U.S market. The company’s stock has a consensus buy rating among 25 firms according to the Analyst Ratings Network, with an average price target of $34.99 among those who had updated their target within the past 12 months. Pandora closed Tuesday at $27.62.
Julian Robertson’s Tiger Management hedge fund is a shareholder of Pandora Media Inc (NYSE:P), with 39,500 shares as of their most recent 13F filing on June 30.