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Pandora (P) Stock Soaring on Narrower Than Expected Loss

NEW YORK (TheStreet) -- Shares of Pandora Media (P - Get Report) are higher by 4.87% to $9.90 on heavy trading volume on Friday morning, after the music streaming service reported a narrower than expected loss and a growth in revenue for the 2016 first quarter.

The company posted a net loss of $48.3 million, or a loss of 23 cents per share on sales of $297.3 million for the three month period ended March 31. Pandora released its latest financial report after the close on Thursday.

Revenue for the quarter grew by 29% year over year.

Analysts surveyed by Thomson Reuters had been expecting a loss of 31 cents per share on revenue of $286.49...