Pandora Issues Disappointing Guidance and Microsoft Announces Acquisition with Nokia is Complete
Pandora Media, Inc. (NYSE: P) shares sank after the company reported first-quarter results that although came in good, were followed by disappointing second-quarter guidance. The company's adjusted quarterly revenue rose 54% year over year, to $180.1 million, which translated to an adjusted loss of $0.13 per share. Analysts, on average, had been looking for a wider adjusted loss of $0.14 per share on sales of just $174.94 million. Pandora expects revenue of about $213M to $218M in the current quarter, with adjusted earnings per diluted share between $0.00 and $0.03. Analysts had expected higher adjusted second-quarter earnings of $0.05 per share on sales of $219.34 million.
Pandora Media, Inc. provides Internet radio services in the United States. The company allows listeners to create up to 100 personalized stations to access free music and comedy, as well as offers Pandora One, a paid subscription service to listeners. It is also involved in the sale of displays, audio advertising, and video advertising products to advertisers for delivery on computer, mobile, and other connected device platforms.
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Microsoft Corporation (NASDAQ: MSFT) announced that the company has completed its acquisition of the Nokia Devices and Services business. Nokia shareholders and governmental regulatory agencies across the world approved the acquisition and it marks the first step in bringing the two organizations together to become one. The company also reported earnings recently with net income in the fiscal third quarter coming in at $5.66 billion, or 68 cents a share. This topped the average analyst estimate of 63 cents, according to data compiled by Bloomberg.
Microsoft Corporation develops, licenses, and supports software, services, and hardware devices. Its Windows division offers Windows operating system; Windows Services suite of applications and Web services, including Outlook.com and SkyDrive; Surface RT and Pro devices; and PC accessories. The companys Server and Tools division provides server software, cloud-based services, and solutions; and training and certification to developers and information technology professionals, as well as builds standalone and software development lifecycle tools for software architects, developers, testers, and project managers
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