UPDATE 1-Pandora Media quarter revenue beats Street view, shares rise
SAN FRANCISCO, March 7 (Reuters) - Pandora Media Inc reported higher revenue in the fourth quarter because of a 51 percent rise in advertising sales.
Shares of Pandora Media soared 16.8 percent after closing at $11.73 on the New York Stock Exchange.
The online streaming music service said on Thursday that fourth quarter revenue rose 54 percent to $125.1 million. Analysts were expecting $122.8 million, according to Thomson Reuters I/B/E/S.
The company reported a quarterly loss of 4 cents per share, compared to a loss of 3 cents per share in the same quarter a year ago.