Pandora Revenue Up For First Quarter, Adjusted EBITDA Loss Widens
April 28, 2016 at 1:20 PM (PT)
PANDORA first quarter total consolidated revenue grew 29% to $297.3 million (up 19% excluding ticketing services revenue), with ad revenue up 23% to $220.3 million and subscription and other revenue ip 5% to $54.7 million. Nevertheless, Adjusted EBITDA fell from last year's first quarter loss of $20.9 million to a loss of $57.4 million in first quarter 2016. The company's cash and investments shrunk from $416.9 million to $382.5 million. Total listener hours grew 4% to 5.52 billion and the number of active listeners rose slightly from 79.2 million to 79.4 milion.
“This was a really strong start to the year, and I see clear signs of momentum across our business,” said CEO TIM WESTERGREN. “Our team is rapidly bringing PANDORA's audacious strategy to life, fundamentally changing how listeners discover and enjoy music while helping artists build sustainable careers.”
Second quarter 2016 guidance has revenue in the range of $345 million to $355 million and Adjusted EBITDA loss in the range of $30M million to $20 million. Full year 2016 guidance is for revenue in the range of $1.41 billion to $1.43 billion, an increase from previous guidance, and Adjusted EBITDA loss in the range of $70 million to $50 million, also up from previous guidance.