Pandora Q2 Revenues Rise 51%, Exceeds Wall Street Expectations

Claims To Attract Over 6% Of Total Radio Listening

PANDORA saw its Q2 2012 revenues increase 51% of the same quarter last year, to $101 million beat second-quarter earnings expectations, sending shares sharply higher after the results, THE STREET reports. Total mobile revenue grew 86% year-over-year to $59.2 million. The company ended the second quarter with $82.3 million in cash, up from $80.6 million at the end of the first quarter.

Other Q2 numbers of note: total listener hours of 3.30 billion grew 80% year-over-year, while active users totaled 54.9 million, a 48% increase year-over-year.

More important for WALL STREET, its earnings beat analyst estimates in that it essentially broke even compared to expectations of a loss of 3 cents a share. "This quarter exceeded our expectations as our strong momentum continues with both listeners and advertisers," PANDORA Chairman/CEO JOE KENNEDY said in the company press release. "In particular, this quarter demonstrated that our mobile monetization strategies are working."

The company further raised guidance for the Q3, predicting sales of $115-$118 million, with earnings on a non-GAAP basis are expected to be between break-even and a penny a share. Analysts polled by THOMSON REUTERS are looking for break-even on earnings and $114.36 million in revenue.

During today/s conference call KENNEDY also noted that PANDORA's popularity exceeded 6% of total radio listening, a record high. "PANDORA continues to disrupt radio," he concluded. "Our markets hare gain continues at an extraordinary pace."

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