Pandora Q1 Revenue Up ... And So Were Losses
April 23, 2015 at 4:37 PM (PT)
PANDORA has reported Q1 2015 total revenue of was $230.8 million, up 19% over Q1 ‘14 on a GAAP basis and 28% on a non-GAAP basis. Ad revenue grew 27% to $178.7 million (up 27%), with total mobile ad revenue rising to $181.1 million (up 23% year-over-year on a GAAP basis and 35% on a non-GAAP basis and local ad revenue growing 67% to $43.3 million.
Unfortunately, all that did nothing to stop its loss from widening, which led its stock to drop 5% to $16.75.
On the bright side, User engagement reaches an all–time high of 22.3 hours per active user per month and Q1 2015 total listener hours rose 11% year-to-year to 5.3 billion.
“We’ve been actively investing in every part of our business -- from the music we play, to the ad technology and music maker products we offer. This quarter’s results are a reflection of those investments paying off,” PANDORA Chairman/Pres./CEO BRIAN MCANDREWS said. "In a time when listeners and brand partners have more choices than ever, listener hours grew, local advertisers increased their spending with us and we continued to advance our lead in digital audio by generating more demand and strong sell through.”