Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short

Pandora (NYSE: P) reported Q3 EPS of ($0.07), $0.01 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $351.9 million versus the consensus estimate of $366.33 million.

• Listener Hours: Total listener hours grew 5% to 5.40 billion for the third quarter of 2016, compared to 5.14 billion for the same period of the prior year.
• Active Listeners: Active listeners were 77.9 million at the end of the third quarter of 2016, compared to 78.1 million for the same period of the prior year.

GUIDANCE:

Pandora sees Q4 2016 revenue of $362-374 million, versus the consensus of $392.1 million.

• Adjusted EBITDA loss is expected to be in the range of $51 million to $39 million. Adjusted EBITDA differs from GAAP net loss in that it excludes forecasted stock-based compensation expense of approximately $35 million, depreciation and amortization expense of approximately $18 million, a provision for income taxes of approximately $0.4 million and other expense, net, of $6 million and assumes minimal cash taxes given our net loss position. Basic shares outstanding for the fourth quarter 2016 are expected to be approximately 234 million.

For earnings history and earnings-related data on Pandora (P) click here.

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