Pandora Reports Record Revenues In Q3, Cuts Losses
August 22, 2013 at 2:54 PM (PT)
PANDORA saw its Q2 revenue increase 58% year-over-year to $162 million, which enabled it to cut its loss for the quarter to $7.8 million. -- a marked improvement over Q1's loss of around $20 million, TECHCRUNCH.COM reports. Its 71.2 million users (a 30% year-to-year increase) tuned in for 3.88 billion listening hours during the quarter, an 18% year-to-year improvement.
PANDORA's share of total U.S. radio listening in JULY 2013 was 7.08%, an increase from 6.02% at the same time last year
"Our second fiscal quarter was an important inflection point in PANDORA’s history," Chairman/CEO JOE KENNEDY said. "Strong momentum in our mobile business, with non-GAAP total mobile revenue growing 92% year-over-year to $116 million, clearly demonstrates the leverage in PANDORA’s business model. To drive future growth, we are accelerating investment in new technologies, channels and capabilities that maximize the value PANDORA delivers."
PANDORA is reportedly being conservative with its Q3 estimates, predicting between $174 million and $179 million in revenue with non-GAAP earnings per share between $0.03 and $0.06 after three quarters in the red. One possible reason for caution: Q3 will likely see the introduction of iTUNES RADIO.