Pandora Beats Q2 Revenue Expectations
Bay Area Internet radio service Pandora
on Wednesday reported that revenue rose 51% in its fiscal-year second quarter, nearly doubling its mobile revenue from a year ago.
The company posted a loss of three cents per share, compared to a loss of four cents per share in the year-earlier quarter. Excluding approximately $6 million in stock-based compensation, it was break-even.
Revenue increased to $101 million from $67 million a year ago. Wall Street analysts polled by Thomson/Reuters had forecast a loss of three cents a share on sales of $110 million.
Ramping up mobile advertising to keep up with growing use has been a key focus for Pandora since going public more than a year ago. Total mobile sales grew 86% from the year-earlier quarter to $59 million -- nearly 60% of its overall revenue.
Total advertising revenue for the quarter was $89 million -- up 53%, while subscription and other revenue reached $12 million, representing a 36% increase.
In terms of usage, total
listener hours -- a key metric for Pandora -- increased 80% to 3.3 billion from 1.8 billion a year ago. Active users grew 48% to 55 million.
“This quarter exceeded our expectations as
our strong momentum continues with both listeners and advertisers,” stated Joe Kennedy, chairman and CEO of Pandora, in the earnings release. “In particular, this quarter demonstrated that
our mobile monetization strategies are working.”
The music service ended the second quarter with $82 million in cash, up from nearly $81 million at the end of the first quarter.
Looking ahead, projected revenue is in the range of $115 million to $118 million for the third quarter, with adjusted earnings per share expected to be between break-even and 1 cent. It raised
its full-year outlook from a range of $420 million to $427 million revenue to between $425 million and $432 million. Net loss per share is projected between four cents and eight cents.
Pandora shares were up about 11% in after-hours trading late Wednesday afternoon, pushing the stock price above $11 a share.
Recent MAD SF Articles
-
Razorfish's Gelb Joins Mobile Startup MoPub Sept. 19, noon
Razorfish mobile lead Paul Gelb has left the agency to become head of strategy for San ... -
Adap.tv 'Planner' To Optimize Online Video Buys Sept. 19, noon
With billions of ad dollars at stake, online video networks are fighting hard for a bigger ... -
Dentsu, ADK To Market Flipboard Sept. 19, noon
As initially reported in OnlineMediaDaily on September 14, San Francisco-based Flipboard, the social magazine app, has ... -
Ad Firm Touts Results On Facebook Exchange Sept. 14, noon
Facebook in June announced plans to launch a real-time bidded (RTB) ad marketplace allowing advertisers to reach users ... -
Extole Going Cross-Country For First Ever Summit Sept. 14, noon
Extole, a San Francisco-based C2C social marketing platform company, this week announced its inaugural Social Advocacy ... -
StubHub CMO Ray Elia: We Are Not Just A Ticket Seller Sept. 14, noon
As initially reported in Marketing Daily on September 13, online ticket seller StubHub this year launched its ... -
Lyris Rebrands, Builds Out Digital ERP System To Process Data Sept. 12, noon
Emeryville-based Lyris unveiled a digital marketing platform Tuesday resembling an enterprise resource planning (ERP) system built ... -
Zynga Loses CMO Karp Sept. 12, noon
Jeff Karp, Zynga's chief marketing and revenue officer, is the latest high-level executive to leave the ... -
Tapjoy Appoints Seybold as VP Global Communications Sept. 12, noon
On Monday, Tapjoy announced the appointment of Patrick Seybold as vice president of global communications and ... -
Venables Bell & Partners To Create Audi Super Bowl Commercial Sept. 6, 10 a.m.
Audi is launching new advertising as part of its media commitment to the NFL. The campaign ...
Be the first to comment on "Pandora Beats Q2 Revenue Expectations"
Leave a Comment