Friday, January 6, 2017
SiriusXM, Pandora Romance Appears To Be Over
"With respect to all the chatter about acquisitions, you have to look at them as sort of being not very likely," Sirius CFO David Frear said Thursday after the close of trading at the Citi Internet, Media & Telecommunications Conference in Las Vegas.
On Frear's comment, Pandora shares were down 5.2% on Friday to $12.33. Pandora declined to offer a rebuttal, according to The Street.
For Pandora, these are times of high expectations following a year in which the stock stood largely in place -- dropping 2.8% -- and the company reported losses of more than $250 million.
With an eye toward growing revenue, Westergren also orchestrated a series of executive changes in the fourth quarter that included the resignation last month of Sara Clemens as chief operating officer and Mike Herring moving in November from finance chief to a strategy-focused position as president. Pandora remains without an official chief financial officer.
Yet it's Pandora Premium that Westergren is betting will help it reverse a decline in total users -- 77.9 million at the end of the third quarter, compared with 78.1 million during the same period a year earlier -- that has heightened investor concern about the company's long-term health.
Posted 12:31:00 PM