Pandora Media Inc.
reported a large quarterly loss Monday, mostly due to one-time charges for the divestment of its Ticketfly ticketing service, but beat earnings expectations on an adjusted basis, and shares moved higher in late trading. The online-music company reported a net loss of $275.1 million, or $1.20 a share, on revenue of $376.8 million, with sales gaining nearly 10% from the year-earlier quarter. After adjusting to strip out the one-time Ticketfly charges and other costs, Pandora claimed a loss of 21 cents a share, after posting a loss of 12 cents a share in the same quarter a year ago. Analysts on average expected Pandora to report an adjusted loss of 24 cents a share on sales of $368 million. This is the first report since Pandora took a $480 million investment from Liberty Media Corp.’s
Sirius XM Holdings Inc.
a transaction that included the Ticketfly divestment, and bid goodbye to Chief Executive Tim Westergren. Pandora stock fell 5.3% to $8.95 in Monday’s regular trading session, then jumped more than 6% to top $9.50 in immediate after-hours action following the report.