May 24 (Bloomberg) -- Pandora Media Inc., the Internet radio pioneer, rose the most since its first day of trading in June 2011 after first-quarter results exceeded analysts’ estimates on higher mobile advertising sales.
Pandora advanced 16 percent to $11.99 at 11:36 a.m. New York time after touching $12.30, for the biggest intraday gain since June 15 last year. After markets closed yesterday, the Oakland, California-based company posted a first-quarter loss of 9 cents a share, excluding items, smaller than the 18-cent loss forecast by 18 analysts in a Bloomberg survey.
Of the $70.6 million in advertising sales in the period, 55 percent stemmed from mobile devices, Chairman and Chief Executive Officer Joe Kennedy said in an interview. The top 50 biggest digital marketers in the U.S. are now advertising on Pandora’s mobile and desktop services, he said.
“We’re excited about continued progress on mobile monetization,” Kennedy said. “It’s the highest percentage it has ever been.”
Sales rose 58 percent to $80.8 million in the first quarter ended April 30, Pandora said yesterday in a statement. That beat the $74.5 million average forecast of analysts.
The stock is down 25 percent from its initial public offering at $16 in June 2011.
The company forecasts second-quarter revenue of $99 million to $101 million and a per-share loss of 3 cents to 5 cents, excluding items. Analysts project $100.5 million in sales and a loss of 3 cents.
For the year, Pandora sees $420 million to $427 million in revenue, with a loss of 7 cents to 11 cents a share, excluding items. Analysts were predicting a loss of 16 cents on revenue of $416.2 million.
Pandora reported a first-quarter net loss of $20.2 million, or 12 cents a share, compared with a loss of $9.14 million, or 61 cents, a year earlier, before the company’s initial public offering.
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