Pandora Revenue Grows, Ditto Losses, But Wall Street Approves
May 23, 2012 at 2:14 PM (PT)
Although PANDORA reported a greater net loss in Q1 2013, $20 million vs. $9.1 million in Q1 2012, its losses, as well as a 58% revenue growth to over $80 million, exceeded analysts expectations. Thus, PANDORA's stock price rose 10% on trading, RTT NEWS reports.
On top of its financials, PANDORA reported Active users grew a record 53% year-over-year to 51.9 million growing; 1Q total listener hours grew 92% year-over-year to 3.09 billion, cornering a record 71.7% share of top 20 U.S. Internet radio services, and a record 5.95% share of total U.S. radio listening at the end of 1Q, up from 3.11% the previous year.
"PANDORA is off to an excellent start, exceeding our first quarter outlook and raising our expectations for the full fiscal year," PANDORA Chairman/CEO JOE KENNEDY said. "This quarter PANDORA averaged more than 50 million active users a month who generated more than 3.09 billion listening hours across PANDORA's multiple platforms -- desktop, auto, consumer electronics and mobile devices.
"Consumers continue to embrace PANDORA's unparalleled personalized radio experience at an extraordinary rate, propelling PANDORA's market leadership to an all-time record share of 5.95% of total U.S. radio listening. Advertisers want to be everywhere their consumers are. They are moving quickly to speak with their target customers across the PANDORA platform, with the majority of the top 50 digital advertisers in the U.S. already having bought multi-platform advertising on PANDORA. PANDORA is the future of radio."