Pandora's stock soared 20% after the market closed Thursday. Pandora surprised Wall Street investors with better than expected quarterly sales. Shares of Pandora had fallen by more than a third since its June 2011 debut as a public company, but the stock has rallied this year.
Pandora CEO Joe Kennedy announced on Thursday he is stepping down after nearly a decade of service to the company. Kennedy said that it's time for him to move on, and he'll stay at Pandora until the company finds a new leader.
Pandora was founded in 2000 and became a publicly traded company in June 2011. Pandora Media, Inc. is listed on the NYSE.
Pandora internet radio is available in the United States, Australia and New Zealand. The service plays musical selections of a certain genre based on the user's artist selection. Users can create up to 100 unique "stations" that can be played over the internet through desktop computers as well as using mobile applications.
Pandora claims to be the largest radio station in almost every major U.S. market, representing 8% of total U.S. radio listeners.