Pandora Stock Seesaws After Earnings Report, $150M New Investment
Pandora [P] stock was down 2.62% at the close of trading Monday. Minutes later, it was up 3.37% in after hours trading after the company revealed a new $150 million investment from KKR and smaller than expected losses despite declining user stats.
At the start of an earnings call on Monday, Pandora (NYSE: P) announced it had entered into an agreement for a $150 million strategic investment from KKR. But the music streamer reported a big quarterly loss and the new investment came at a price. (Read the details here.)
Buoyed by the investment, Pandora executives spun a hopeful tale during the earnings call. But a later than expected full launch of Pandora Premium and slight downtick in use left more questions than answers about Pandora's long term growth. (More.)