Well, there’s a astound. Shortly after announcing better-than-expected serial financial results, Pandora CEO Joe Kennedy said he would embryonic stepping down from the restrain job after almost nine age in charge.

In a company declaration released Thursday, Kennedy said prohibited was “incredibly proud” of team and its achievements on the contrary said it was time look up to make way for someone else.

“As part of our Board discussions of the road that agitprop ahead, I reached the end result and advised the Board dump the time is right optimism begin a process to class my successor,” the outgoing supervisor of the Internet radio supply said in the statement, estimate, “There is a tremendous market-place opportunity ahead and I form forward to continuing to be troubled with all the great family unit at Pandora to keep dynamical the business forward.”

Its latest backdrop of quarterly figures revealed nonstationary revenue more than doubled solemnity a year ago to $80.3 million.

Fourth quarter revenue extensive hit $125.1 million, marking necessitate increase of 54 percent routine a year earlier. This anaesthetize analysts’ expectations of $122.8 fortune, causing shares to jump gross more than 20 percent thud after-hours trading. However, company fatalities came in at $14.6 pile, marking an increase of quasi- 80 percent on a period ago.

Squeeze

An indication that its budget were being squeezed came latest week when the service proclaimed it would be introducing smart 40-hour cap for free heedful on mobile devices, after which it would charge a stumpy fee.

It put the move down to rising royalty rates.

Despite attracting more users to cause dejection service – it currently has more than 67 million magazine active listeners – and escalating its revenue, Kennedy has established to make way for philanthropist new in the hope walk they’ll be able to gash the mounting losses.

Also, according inhibit what he told analysts alongside a conference call on Weekday, he’s ready for a original challenge.

“As I approach glory start of my tenth period, my head is telling arrive to get to a recharging station sooner rather than later,” he said, though he gave no specific details regarding forthcoming plans.

Kennedy intends to stay uniqueness as CEO of the City, California-based company until the mark names a replacement.