Pandora CEO to step down

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Pandora Media's long-time chief executive is stepping down.

The Oakland, California-based Internet radio company says it'll start looking immediately for a successor to 53-year-old Joseph Kennedy, who has served as chairman, CEO and president since 2004. Kennedy says it's the right time to start planning for the transition. He will continue in his role until a successor is named.

Pandora reported after the stock market closed that it lost $14.6 million, or 9 cents per share, for the quarter that ended January 31. That's compared with a loss of $8.2 million, or 5 cents per share, in the same quarter of the prior year. On an adjusted basis, the company had a loss of 4 cents per share.

Pandora's revenue increased to $125.1 million from $81.3 million.

 Analysts polled by FactSet were anticipating the company would lose 5 cents per share on $122.8 million in revenue.

The company says its total listener hours climbed 53 percent to 4.05 billion hours compared to the same period a year before. That same measure increased 42 percent for February to 1.38 billion.

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