Stock goes up, and dump, dump, dump. $2 million a quarter getting sold at market. It adds up. It really looks like Pandora is a sad version of Sirius when they went public initially. Sirius was losing consistently and after a while eventually had dumped billions of shares. Their share count is now up to 7 billion, and the stock has literally gone no where with the IPO at like $3.50ish
Only difference is that SIRI has a mix of fixed and variable costs so the more users = a better chance of profit
Pandora has nearly ALL variable costs and a tiny amount of fixed costs so the more users, the same chance of profit which as of now is just about zero unless something changes.