Pandora hears the sound of cash on Wall Street
Pandora Media, whose Internet radio application for smart phones has been among the most downloaded, is hoping that it will be just as popular on Wall Street.
The Oakland company on Friday said it plans to raise $100 million by selling shares in an initial public offering later this year.
Though a hit with its 80 million listeners who collectively stream billions of hours of music a year through the service, Pandora has yet to make a profit.
It lost $16.8 million on $55.2 million in revenue its fiscal year ended Jan. 31, 2010. But the service is on the verge of breaking even, narrowing its loss to just $328,000 on revenue of $90.1 million during the following nine months ended Oct. 31.
For more detail on the filing and the company, check out the story on The Times' Company Town blog.
-- Alex Pham