Pandora Second-Quarter Loss Widens, Revenue Soars
Online music firm Pandora Media on Wednesday reported what it said were record second-quarter financials.
The company posted a loss of $5.4 million, compared with a year-ago loss of $1.8 million. Earnings per share narrowed slightly though.
Revenue jumped 51 percent to $101.3 million. The gain was driven by an 86 percent improvement in mobile revenue to $59.2 million. Advertising revenue accounted for more than $89 million in revenue.
Content acquisition, product development and marketing and sales costs increased though, dragging down the bottom line.
The number of active Pandora users reached 54.9 million, up 48 percent year-over-year.
Total listener hours grew 80 percent to 3.30 billion for the second quarter, compared with 1.83 billion in the year-ago period.
"This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," said Pandora chairman and CEO Joe Kennedy. "In particular, this quarter demonstrated that our mobile monetization strategies are working."