Pandora CEO Kennedy Out
Despite revenue growth, losses continue at Internet radio firm
Pandora’s total revenue in 2012 jumped 56 percent to $427.1 million. Fourth quarter revenue surged by 54 percent to $125.1 million. And advertising revenue has been on a similar trajectory, up 56 percent to over $375 million.
And still the CEO got bounced.
Pandora CEO Joe Kennedy announced Thursday that he’s stepping down from running the Internet radio company, even as he crowed about its success in a press release.
“We continue to monetize mobile at record levels and exceeded our expectations for the quarter," said Kennedy, who’s been with Pandora for over a decade.
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