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Pandora shares jumped more than 9 percent after reporting significant growth in subscription revenue.
The music streaming company reported mixed fourth quarter financial results on Wednesday, beating analyst expectations for revenue, but missing on earnings by about 14 cents.
The company reported a 63 percent bump in subscription revenue, an important metric for the music streaming company, bringing the yearly total to $97.7 million. Pandora also tallied 5.48 million subscribers, a 25 percent increase from the previous year.
Pandora also announced intentions to invest $45 million into new growth initiatives, like ad-tech, non-music content, device integration and marketing technology, as it continues to build out its "Premium Access" on-demand services, to better compete with companies, like Spotify.
In the fourth quarter, Pandora reported a loss per share of 21 cents on $395 million in revenue. Analysts polled by Thomson Reuters were expecting loss per share no greater than 7 cents on revenue of $376 million.