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online radio Pandoras second quarter results sent its stock higher.
Above, traders (Brendan McDermid, Reuters ) Online radio company Pandora Media Inc., whose stock price has been on a wild ride since its initial public pandora beads cheap offering in June, posted fiscal second quarter earnings that beat buy pandora beads online Wall Street's relatively low expectations and drove its beleaguered shares up 3%. The company, however, continued to lose money, posting a $1.8 million loss, or a loss of 4 cents a share, for the quarter that ended July 31 compared with a $1.6 million profit, or 4 cents, a year earlier. Adjusting for stock compensation costs for its executives and other special expenses, Pandora posted $3.3 million gain in net income, compared with $2.6 million a year earlier. Analysts had expected Pandora to break pandora charm search even for the quarter on $61 million in revenue. Its shares, which rose 40 cents to $12.47, jumped an additional 33 cents in after hours trading following the earnings release. Still, the price is a far search pandora charms cry from the stock's $16 debut June 15. It shot up to $20.04 on July 1, but subsequently slid to a low of $11.73 on Aug. 9 as investors fretted over Pandora's high expenses. In particular, the company spends roughly half its revenue on music royalties to publishers and other rights holders. It paid $33.7 million in royalties in its second quarter. The 11 year old company hopes that share will grow once its service is a built in option for new automobiles, where half of all radio listening occurs. But the process of integrating Pandora's features into cars will take some time because manufacturers can take as long as two years to design new vehicles, Pandora Chief Executive Joe Kennedy said in a conference call with analysts.
Meanwhile, Pandora projected that it will continue to be unprofitable for its current fiscal year, despite double to triple digit growth in sales. Revenue for the fiscal year that ends Jan. 31 is expected to be between $270 million and $275 million, with a loss of 5 to 7 cents a share.