Pandora's Mobile Ad Revs Soar 92%
Revenue at online radio service Pandora increased 55% to $157.4 million in the second quarter, as mobile ad sales nearly doubled from a year ago. It reported adjusted earnings of 4 cents per share.
Analysts were expecting Pandora to earn 2 cents a share on revenue of $155.7 million.
Pandora said mobile advertising in the quarter increased 92% to $116 million, while overall advertising rose 44% to $128.5 million. Subscription revenue was up 153% to $33.5 million.
Total listener hours grew 18% to 3.88 billion from 3.3 billion a year ago.
For the third quarter, Pandora forecast earnings between 3 cents and 6 cents a share on revenue of $174 million to $179 million. That compares to analysts projects of earnings per share of 8 cents on revenue of $170.7 million.
For the full year, the company said it could break even or earn 5 cents per share. It previously projected losing 2 cents or earnings 8 cents. Wall Street projected 5 cents in earnings.
Pandora raised its revenue outlook to a range of $640 million to $655 million. Analysts were looking for $632.9 million.
The company's shares, which closed Thursday at $21.71, were down about 2% in after-hours trading following its earnings announcement.