Tech Five: Pandora stock soars on earnings, Apple Music shows no match
So, perhaps the release of Apple Music wasn't as big of a threat to Pandora as many thought it would be.
The music streaming giant Pandora reported second quarter earnings Thursday that surpassed analyst expectations. With a total revenue of $285.6 million, Pandora's stock popped more than 10% in after-hours trading following the report.
Let's take a look at the tech stocks to watch Friday:
Pandora (P): Pandora has showed no trepidation since the release of Apple's new streaming service. Apple Music was initially expected to threaten Pandora's number one spot in the music streaming world. However, according to its earnings report, Pandora still touts 79.4 million active users, and a total advertising revenue that grew 30% year-to-year. Pandora's stock was up more than 14% during morning trading.
Amazon (AMZN): Amazon is now worth more than the nation's top retailer, Walmart. After the e-commerce giant reported its second quarter results Thursday, company shares soared 17% in after hours trading. This jump pushed the company's value up to $262.7 billion, surpassing Walmart's $233.5 billion market value. Company shares were up more than 16% during morning trading.
AT&T (T): AT&T reported a second-quarter revenue rise of $1.4%. The company beat its earnings estimate, as well as reported an addition of more than 2 million new wireless subscribers. Company shares were up more than 2% during morning trading.
Comcast (CMCSA): In a bid to attract even more young customers to its service, Comcast is in preliminary discussions with several online publishers -- such as Vice Media, BuzzFeed, and Business Insider, according to The Wall Street Journal. These companies publish a wide range of news that generate a large amount of Web traffic, particularly from the younger generation.
Google (GOOG): Google-owned YouTube launched a new version of its app -- now out for Android, soon for Apple devices -- with playback videos in vertical mode, as well as better video recommendations, playlists, and a resurrected subscription box. YouTube's CEO Susan Wojcicki, told attendees at the VidCon convention that the number of advertisers running video ads has increased 40%.
Follow Paste BN reporter Trisha Thadani on Twitter: @TrishaThadani