The shares of online radio service Pandora Media Inc. have risen nearly 25 percent since the start of the year in the face of Wall Street doubters who believe it will get upended by digital music rivals such as Spotify and MOG.
Pandora impressed investors this week when it revealed it now has 125 million registered users, up from 80 million just under a year ago. It also now claims an average listener of 18 hours a month, which analysts said is six times more than its closest competitor Clear Channel’s iHeartRadio.
Since markets opened this year, Pandora has risen by about $2.50. After two days of sharp rises, it pared back by 21 cents yesterday to close at $12.24.
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