7.34 -0.07 (-0.92%)
After hours: 4:11PM EDT
|Bid||7.26 x 21500|
|Ask||7.41 x 27000|
|Day's Range||7.20 - 7.42|
|52 Week Range||4.09 - 9.98|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 30, 2018 - Aug 3, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||6.37|
Shares in Spotify Technology and Pandora Media fell on Thursday as investors reacted to Google's YouTube business announcing plans to launch a new music streaming service on May 22.
Shares of Spotify (SPOT) and Pandora (P) both opened lower on Thursday after Google (GOOGL) announced that it will roll out a YouTube-based music-streaming service. In doing so, the technology giant joins an already crowded space, complete with some of the biggest names on Wall Street. Let's dive into the current streaming music landscape to gauge not only how things stand now, but what the market might look like down the line.
Here are some things going on today in the world of tech: Debating Cisco Shares of Cisco Systems (CSCO) are down $1.45, or 3%, at $43.70, after the company yesterday afternoon slightly beat fiscal Q3 revenue and profit expectations, and forecast this quarter’s results more or less in line with consensus. The company continues to make progress in transitioning its business to come from more recurring sources of revenue, and its “campus” switches for corporate networks returned to growth for the first time in several quarters, Chief Financial Officer Kelly Kramer told me in an interview. For the bulls, Paul Silverstein of Cowen & Co. reiterates an Outperform rating, writing that the report is “meaningfully better than [it] appears." “We think the reported numbers understate the true current and longer-term economics of CSCO’s business as measured by both growth and profitability—with ongoing improvement in the quality of CSCO’s earnings and cash flow to boot,” writes Silverstein.
Shares of Pandora Media Inc. and Spotify Technology SA are down in Thursday morning trading after Alphabet Inc.'s YouTube announced a new music streaming service called YouTube Music. An ad-supported version of YouTube Music will be free, while a premium version will cost $9.99 a month. YouTube said that users will be able to find songs by typing in song titles as well as more unconventional search terms, such as lyrics or descriptions like "that hipster song with the whistling." The service launches on May 22, and YouTube said it will feature a "tremendous catalog of remixes, live performances, covers and music videos that you can't find anywhere else." Alphabet shares are up 0.4% in Thursday morning trading and 15% over the past 12 months, while the S&P 500 has gained 16%.
Pandora (NYSE:P), the largest streaming music provider in the U.S., announces ‘Up Close’ with Dierks Bentley, an intimate live concert experience on June 13 at Capitale in New York City celebrating the release of his ninth studio album, The Mountain, due out on June 8. To celebrate the event, Dierks curated an exclusive mixtape featuring his new music and other tracks that inspired him when writing this album. “Pandora is the preferred music streaming service in the U.S. for country music fans and the genre is the second highest ranking overall on the platform,” said Jeff Zuchowski, Vice President of Artist Marketing and Industry Relations at Pandora.
Artists have to produce a lot more content to keep up in today's streaming music industry, Grammy Award-winning singer Ashanti says.
On June 19, Pandora , the largest streaming music provider in the U.S., will host El Pulso Live in Miami headlined by Reggaetón music duo Zion & Lennox with opening act REYKON.
R. Kelly’s ouster from Spotify playlists last week touched off a broader debate about where the music industry should draw the line between penalizing bad behavior and engaging in censorship. Spotify Technology SA last week said it removed R. Kelly’s music from playlists created by its staff and from software-driven recommendations as allegations about the singer’s treatment of women over several years have gained momentum in recent months. CDs and other physical formats have for years carried “explicit content” warning labels on songs with explicit words—which some retailers have in turn refused to carry.
NEW YORK, NY / ACCESSWIRE / May 11, 2018 / Spotify made headlines on Thursday after it was revealed that the streaming service company has removed R. Kelly from its playlists as part of its "hate content" policy. Spotify Technology S.A. shares closed up 5.37% yesterday on about 3.6 million shares traded. In a report from TechCrunch, it was revealed that Spotify has removed artist R. Kelly from its playlists as part of a "hate content" policy.
Digital radio platform Pandora’s (P) stock has surged 24.7% since it announced its 1Q18 results after the bell on May 3. The company reported better-than-expected figures for 1Q18. Pandora generated $319.2 million in revenues, which was 1.0% higher than its 1Q17 revenues and much higher than the $304.3 million that analysts expected.
Pandora's (P) first-quarter 2018 results benefit from growth in subscription revenues of their Premium tier. However, decline in ad revenues remain headwind.
Thursday, May 10: Ford halts F-150 production after fire, Papa John’s reports bad earnings and can’t blame NFL, Jay-Z’s Tidal is accused of inflating streaming numbers. Yahoo Finance’s Dan Roberts serves up the news.