Pandora Media results better than expected
Oakland-based Pandora Media posted a quarterly loss Wednesday, but the results for the Internet music company were better than Wall Street had expected.
Pandora lost $5.4 million, or 3 cents a share, on revenue of $101.3 million for its second quarter that ended in July. However, excluding one-time items, Pandora would have broken even on a per-share basis. Analysts had forecast a loss of 4 cents a share and revenue of $100.4 million.
In after-hours trading, Oakland-based Pandora's shares jumped 9 percent. The results were released after the markets had closed. In regular trading, Pandora fell Wednesday by 1 percent, or 10 cents a share, and finished at $10.08.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," Pandora CEO Joe Kennedy said in a prepared release.
Total listener hours for Pandora climbed 80 percent in the quarter, the company said.
Sales rise, losses shrink for Adept
Pleasanton-based Adept Technology experienced a smaller loss and rising sales for its fourth quarter that ended in June, the maker of automated intelligent robots said.
Adept Technology lost $358,000 on sales of $17 million for the April-June quarter. Compared with the year-ago quarter, when Adept lost $686,000, sales rose 1.2 percent.
For all of fiscal
In fiscal 2011, the company lost $6.8 million. Revenue jumped 15.2 percent.
Great America park to get wooden coaster
Santa Clara's California Great America is expected to become the home of the tallest and fastest wood roller coaster in North America.
The Gold Striker roller coaster is due to open in spring 2013.
In addition to high-speed turns, twists and drops, the Gold Striker coaster will have an Old West theme.
The ride's first drop will have a 50-degree angle. Speeds will reach 54 miles an hour, Great America said.
Cupertino-based Apple is planning to open its first retail store in Sweden.
The store, which will be located in Stockholm, is due to open Sept. 15. Its sales could be bolstered by the anticipated Sept. 21 release date for the iPhone 5.