Pandora net loss widens but revenue up sharply

Aug 26, 2011
Pandora logo. Internet radio company Pandora on Thursday posted its first quarterly earnings since going public, reporting a wider net loss but revenue that more than doubled on solid advertising growth.

Internet radio company Pandora on Thursday posted its first quarterly earnings since going public, reporting a wider net loss but revenue that more than doubled on solid advertising growth.

The Oakland, California-based Pandora, which creates personalized radio stations for users based on their favorite artists or songs, had a net loss of $3.2 million in the second quarter of its fiscal year.

It had posted a net loss of $389,000 in the same quarter a year ago.

But revenue rose 117 percent in the most recent quarter to $67 million. Advertising revenue was up 118 percent to $58.3 million, while subscription and other revenue rose 112 percent to $8.7 million.

"In addition to continued high growth in Web revenue, Pandora's revenue for the first time comprised approximately half of total ," Pandora president and chief executive Joe Kennedy said.

"Pandora continues to grow our market share of US radio as we fundamentally transform one of the last forms of traditional media," Kennedy said.

Pandora said total listener hours rose 125 percent in the quarter to 1.8 billion, giving the service an estimated share of total US radio listening of 3.6 percent, up from 1.8 percent a year ago.

Pandora said it expected third of between $69.5 million and $72.5 million and full-year revenue of $270 million to $275 million.

Pandora shares were up 2.81 percent at $12.82 in after-hours trading after gaining 3.31 percent during the day on Wall Street. Pandora made its debut on the in June at $16 a share.

Pandora, founded in 2000, announced last month that it has 100 million registered users in the United States and 36 million monthly active users.

Explore further: Judge approves $450 mn deal in Apple ebook suit

add to favorites email to friend print save as pdf

Related Stories

Pandora hopes IPO will raise $123 million

Jun 03, 2011

Pandora Media Inc., which announced plans earlier this year to sell its stock in an initial public offering, said it and its investors were seeking to raise as much as $123 million - an amount that would value the Internet ...

New York Times net profit dips 26 percent

Feb 03, 2011

The New York Times Co. on Thursday reported a 26-percent drop in quarterly net profit as an increase in digital advertising revenue failed to make up for what it lost in print ads and circulation.

Rackspace 1Q profit rises

May 03, 2010

(AP) -- Rackspace Hosting Inc. said Monday that its first-quarter profit rose as managed hosting revenue climbed.

Recommended for you

Dish restores Turner channels to lineup

Nov 21, 2014

Turner Broadcasting channels such as Cartoon Network and CNN are back on the Dish network after being dropped from the satellite TV provider's lineup during contract talks.

'Call of Duty' blasts past $10 bn in sales

Nov 20, 2014

Blockbuster military shooter video game "Call of Duty" has blasted past $10 billion in lifetime sales, propelled by demand for the latest installment in the 11-year-old franchise.

Square's point-of-sale service goes global

Nov 20, 2014

Financial services startup Square is taking aim at cash registers across the globe, making its point-of-sale software available internationally in English, Spanish, French and Japanese.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.