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.
The problem for Pandora has been, even with all that revenue momentum, the company continues to lose money quarter after quarter. It continues to be hampered by its challenging cost structure (the more people who use Pandora, the more royalties fees it pays out).
Thus, the public company said it has begun to search for a new CEO, according to The Verge.