SEARCH

Entries in Pandora (2)

Wednesday
Jun152011

Stocks Slump Back Down in Wake of Greek Austerity Plan

Hemera Technologies/Thinkstock(NEW YORK) -- Worry about debt a half a world away forced the markets down here in the U.S.

The Dow closed down 179 points, the Nasdaq lost 47 and the S&P gave up 22.

Stocks tumbled early Wednesday after the Greek government became divided over an austerity plan.  It is designed to get the European country out of the red and to allow it to receive international aid.  On Monday, Standard & Poor's lowered Greece's credit rating from B to CCC, making it the lowest-rated in the world.

Investors who got in on Pandora's IPO made a little money back on the stock and then lost some.  Shares of the Internet radio company opened for the first time Wednesday at $16, jumped to above $20, then closed to under $18.

Copyright 2011 ABC News Radio

Saturday
Feb122011

Online Music Player Pandora Plans to Go Public

Photo Courtesy - Getty Images(OAKLAND) -- Online music provider Pandora Media on Friday announced that it plans to go public and will attempt to raise up to $100 million through sales of stock.

The company has filed the necessary paperwork with the Securities and Exchange Commission in the proposed initial public offering, with the aim of generating funds to help expand its operations. For the fiscal year ending Jan. 31, 2010, Pandora raked in $55.1 million in revenue, and reported a loss of $16.8 million. For the period of Feb. 1, 2010, through Oct. 31, 2010, the company’s reported loss wasn’t as severe, dipping to $300,000, while its revenue shot up significantly to $90.1 million.

According to reports, Pandora, which generates most of its revenue from advertising and subscription fees, spends a hefty amount on licensing fees. The company says it currently has some 800,000 songs in its database and over 80 million users, but since most of the listeners choose not to opt for the paid subscription, consumers aren't a major source of revenue. Pandora’s attempt to go public could possibly lead to it posting its first profit.

Copyright 2011 ABC News Radio







ABC News Radio