Wall Street reacted positively to news that Pandora CEO Joe Kennedy is exiting after 10 years at the helm. Pandora also announced strong quarterly earnings of $125 million, improving ad sales, and a strong forecast for the next. The company lost $14.6 million last quarter, but the stock still jumped almost 20% in after hours trading.
Kennedy will stay on until a successor is named.
As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor," he said in a statement. There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward."
Pandora reported 67 million active monthly listeners and says it's the largest single radio station in most major U.S. markets, representing 8% of all radio listeners.