Pandora May Be Up for Sale: Report

Advertisement
By Agence France-Presse | Updated: 12 February 2016 14:37 IST
Shares of Pandora jumped Thursday on unconfirmed reports that the leading Internet radio service might be for sale.

Pandora shares that seesawed through the day were up more than eight percent to $9.11 at the close of official trading, only to see much of that gain vanish in after-market trades that followed release of its latest quarterly earnings figures.

Pandora Media shares ignited after a New York Times report cited unnamed sources as saying that the company is working with Morgan Stanley to meet with potential buyers.

In response to an AFP inquiry, a spokesman for Pandora said the company declined "to comment on rumor or speculation."

Advertisement

The California-based firm is the world's largest Internet radio service, based on the number of subscribers, but has come under increasing pressure from rivals such as Spotify and Apple.

Advertisement

Pandora reported that its revenue climbed to $336 million (roughly Rs. 2,293 crores) in the final three months of last year in a 25 percent rise from the same quarter a year earlier, but that it logged a $19.4 million (roughly Rs. 132 crores) loss.

Revenue for the full year was $1.16 billion (roughly Rs. 7,918 crores) as compared to $920.8 million (roughly Rs. 6,285 crores) in 2014, but Pandora reported a loss of $169.7 million (roughly Rs. 1,158 crores) as compared to a loss of $30.4 million (roughly Rs. 207 crores).

Advertisement

Last year, Pandora made "substantial investments" in building "the world's go-to music destination for listeners and artists alike," chief executive Brian McAndrews said in the earnings release.

He contended that this was a year for Pandora to continue investing in positioning the company for "revenue acceleration" in 2017.

 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Advertisement

Related Stories

Popular Mobile Brands
  1. Diwali 2025 Gift Ideas: Mobile Phones and Gadgets to Give to Your Loved Ones
  1. Mysterious Asteroid Impact Found in Australia, But the Crater is Missing
  2. Thanal Comes to OTT: Everything You Need to Know About This Tamil Action Thriller
  3. Madam Sengupta Is Now Streaming: Know Where to Watch This Bangla Crime Thriller
  4. Ryugu Samples Reveal Ancient Water Flow on Asteroid for a Billion Years
  5. Scientists Create Most Detailed Radio Map of Early Universe Using MWA
  6. Mayor of Kingstown Season 4 OTT Release: Know When, Where to Watch Jeremy Renner's Crime Drama
  7. Our Fault Is Streaming Now: Know All About This Gabriel Guevara and Nicole Wallace Starrer
  8. The Conjuring: Last Rites Is Now Streaming Online: Know Where to Watch the Latest Installment from the Horror Franchise
  9. Delhi Crime Season 3 OTT Release: Know When to Watch This Shefali Shah Thriller Series
  10. Vast Space to Launch Haven-1, the World’s First Private Space Station in 2026
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.