Streaming music service Pandora saw it’s stock price rise about 7% in after hours trading even though the company’s overall financial report was a mixed bag – neither amazing, not bad. However, analysts say the stock jump was due to the fact the company beat Wall Street revenue expectations.
Pandora’s overall revenue grew by $395 million, while investors speculated the growth would only amount to $376 million. Despite the growth in revenue, however, the company reported a loss of 21 cents per share. That number was significantly higher than what analysts were expecting.
Use numbers are nothing spectacular either. According to HypeBot:
In other mixed news, Pandora listener hours continued their slow decline to 5.03 billion for the fourth quarter of 2017, compared to 5.15 billion hours last quarter and 5.38 billion for the same quarter last year. Paid subscriptions to Pandora Plus and Premium grew to 5.48 million in Q4, up 25% year-over-year, but just 5.6% for the last quarter.
Weeks ago, the company announced layoffs as part of cost cutting. What the future holds for the company remains to be seen.