Friday, May 25, 2012
Pandora Jumps After Topping Estimates on Mobile Ad Growth
Internet music service Pandora just announced its financial results for the first quarter of its fiscal 2013. The company had a total revenue of $80.8 million, a 58% increase year-over-year. Out of these $80.8 million, $70.6Pandora's stock jumped 12 percent to $11.60 after mobile ad sales were greater than expected. CEO Joe Kennedy told Wall Street that 55 percent of his ad revenue now comes from mobile, and mobile advertising is a fast-growing part of the business.Top iPad Music Apps
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