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Pandora says it now has 125 million subscribers who listen, on average, 18 hours per week.
The internet radio company also announced it gobbled up 68 percent market share for the top 20 internet radio services during November 2011, and is implemented on 450-plus electronic devices compared with 200 at the same time last year.
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“Growth of this magnitude reflects a fundamental shift in radio,” Pandora founder Tim Westergren said in a statement. “As more and more people are discovering the joy of personalized radio automotive and consumer electronics companies are innovating to meet consumer expectations and demand. It’s an incredibly exciting time for our business, and music lovers everywhere.”
Pandora went public in February 2011 following an increase in revenue but a net loss in profits. According to its filing with the Securities and Exchange Commission (via The New York Times), Pandora had than 80 million registered users at the time.
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Last November, the company reported improved third-quarter financials — and surprise profits, posting a slight quarterly profit of $638,000, compared with a $1.8 million loss in the same period the year before. Wall Street observers had forecast a loss but revenue rose 99 percent to $75 million, doubling 2010’s $37.7 million.
Despite those rosy results, stock dropped 10.6 percent amid concern over the company’s outlook.
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