On the earnings front, the last week saw disappointing quarterly numbers from three companies, which announced results during the last week. Pandora (NYSE:P), reported its quarterly results on August 22nd after market hours. Although the company reported a 55% increase in revenues on a YoY basis, the company failed to make any profits. The company increased its third quarter revenue guidance by $20 million and decreased its earnings estimate, a move which did not go down well with investors. The Pandora stock fell by 13% in the regular trading session on Friday.
Adding to the disappointing numbers of the last week was 21Vianet (NASDAQ:VNET), the largest carrier-neutral data center services provider in China. Although the company reported a revenue increase of 29% YoY, the margins dipped and earnings saw a steep fall of 55%. The 21Vianet stock has fallen by 6% in the 3 days following its earnings announcement.
21Vianet Stock Price
Source: 21Vianet stock chart by Amigobulls
Velti Plc. Earnings
Another company to declare its results during the last week was Velti (NASDAQ:VELT), a provider of mobile marketing and advertising solutions. The company continued to bleed losses reporting a 47%Y/Y fall in revenues and a loss of $1.56 per share compared to the year ago loss of 28 cents per share. The Velti stock has plunged 66% in the three days following the earnings announcement, and the Velti stock plunge best sums up the company’s quarterly performance.
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