Pandora Q2 '14 Revenue Up 43%
July 24, 2014 at 1:30 PM (PT)
PANDORA reported Q2 2014 revenue of $218.9 million, a year-over-year growth of 43% and 38% on a GAAP and non-GAAP basis, respectively. Q2 2014 mobile revenue of $167.5 million represents an increase of 59% and 51% year-over-year on a GAAP and non-GAAP basis, with local advertising revenue increasing growing 144% year-over-year to $35.3 million.
“Our better than expected second quarter results demonstrate success and continued business acceleration as a result of our investments in mobile and local advertising. Mobile advertising reached a record 76% of total ad revenue and local grew at 144% year-over-year,” PANDORA Chairman/Pres./CEO BRIAN MCANDREWS said. “As a company, we are united by PANDORA’s clear sense of purpose to unleash the infinite power of music, and we’re attracting the brightest stars in the advertising, technology and music industries to help drive our business forward."
In other business metrics, total listener hours grew 29% to 5.04 billion, compared to 3.91 billion for Q2 2013, with 76.4 million Active listeners, an increase of 7.5% from the same period last year.