Pandora deepens 2013 loss, announces search for new CEO
updated 07:38 pm EST, Thu March 7, 2013
CEO Joe Kennedy staying with company until replacement found
Streaming music provider Pandora has declared while announcing its most recent set of quarterly earnings that CEO Joe Kennedy would resign from the company. Overall, Pandora lost $0.09 per share in the fourth quarter, with a $0.23 loss per share on the year -- losing less than estimated by Wall Street. A search for a replacement executive is underway, and Kennedy will stay with the company for a tenth year to help with the transition.
Kennedy said in a statement that "I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor." He added that "there is a tremendous market opportunity ahead, and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward.”
The company posted $125.1 million in revenue, a 54 percent year-over-year gain. Total listener hours grew 53 percent to 4.05 billion for the fourth quarter of fiscal 2013, compared to 2.66 billion for the fourth quarter of fiscal 2012. For the fiscal year 2013, total listener hours grew 70 percent to 14.01 billion, compared to 8.23 billion for the fiscal year 2012. The increase in listener hours led to an increase in royalty payments. The company expects to lose between $0.13 and $0.10 per share in the first quarter of 2014.
