November 3, 2017
Updated 4mo ago
Shares of Pandora closed down nearly 25 percent on Friday. The sell off followed the streaming service's miss on earnings Thursday after the bell. Pandora's new CEO Roger Lynch said the business is in "transition." Pandora is looking to push into new conten,t such as podcasts and traditional radio, to increase engagement among its listeners. Lynch said he is also looking to increase its investment in ad-tech either by building in-house, or acquiring companies to solve issues more quickly. Variety's Senior Silicon Valley Correspondent, Janko Roettgers, says an ad-tech acquisition might be a faster solution for Pandora to get this strategy off the ground. Both advertising revenue and active listeners fell below Wall Street expectations for the quarter. Pandora reported 73.7 million active listeners. Advertising revenue was $275.7 million, a 1% increase year-over-year.